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Pre-Payment Charges

Pre-Payment Charges

Warning sign: charges for having to pay the mortgage off very very early, costs for additional stuff like insurance coverage.

Loan providers generate income once they charge interest on your own loan. This means each celebration has contending objectives: your incentive is always to spend from the loan early to save lots of cash and their incentive is always to discourage early spend off or refinancing and that means you pay the maximum amount of interest as you are able to.