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Many mortgage prepayment penalties would go away.
Another tip: Look for mortgage deals without prepayment penalties.
*Prohibit balloon payments and prepayment penalties for high-cost loans.
It prohibits prepayment penalties for adjustable-rate mortgages.
"Really steep payment shock loans and subprimes.... Very little income documentation, really high prepayment penalties".
Some included prepayment penalties that made it prohibitively expensive to refinance.
It recommended bolstering disclosure requirements, enhancing consumer protections against high-interest loans and curtailing prepayment penalties.
But the bank informs you that you would face prepayment penalties.
The Fed also refused to prohibit the much-criticized subprime lending practice of big prepayment penalties.
Some 70percentt of subprime loans have prepayment penalties, versus 2percentt of prime loans.
Almost all financial advisers caution against taking out mortgages with prepayment penalties.
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CEO of Professional Science Editing for Scientists @ prosciediting.com