Understanding Prepayment Penalties in Washington Refinance Loans

Understanding Prepayment Penalties in Washington Refinance Loans

Introduction to Prepayment Penalties Prepayment penalties are fees that lenders may charge borrowers who pay off their loans before the scheduled term. This typically occurs in the context of mortgages and refinance loans. The primary purpose of a prepayment penalty is to protect the lender’s financial interest. When a borrower refinances or pays off their … Read more