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Home Loans Advisor 10 Gotcha’s When Getting a Mortgage Part 10> 10. Pre-Payment Penalty. Your financial situation is going well and your home loan payments are being made and you want to pay more towards you home loan every month to pay off your loan early....but can you?! Some mortgage contract come with what's called, "Prepayment Penalty Mortgage (PPM)" clause. This means the borrower will be penalized for prepayment to their home loan. The PPM fees will be charged only if the home loan is paid off early by the home buyer. For example, if the borrower pays of the home loan in the first 2-5 years, this would qualify for a fee to be assigned. After comparing home loan options, you will have to make the decision if they want to have PPM as an option. One reason to have PMM, is that your overall mortgage cost may be lower in comparison. You should review all loan options and terms and talk with a professional to answer any questions. |
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