You’re a few years into your mortgage and have decided to pay it off early. Due to a term in your loan agreement, you know that you will have to pay your lender a fee in order to do so, or a prepayment penalty. A prepayment penalty is an agreement that regulates how much a […]
As a loan officer you will be answering many questions your borrowers may have. These questions may include prepayment for their Kansas City mortgage and how it affects their payments and financing. As their loan officer, you must be able to relate the correct information to them so they can make an educated, informed decision.
Paying off a mortgage early is a financial strategy used by many borrowers. Some who prepay their mortgage are motivated by the desire to save thousands of dollars in interest and eliminate long-term debt. Others simply want to own their houses sooner rather than later. Whatever your reasoning may be, it’s critical to understand the […]