FinancePregunta 80 de 120
A prepayment penalty in a loan is a charge for:
a.Making a payment late
b.Paying off the loan earlier than scheduled
c.Requesting a payoff statement
d.Insuring the property
Explicación
A prepayment penalty is a fee some loans impose if the borrower pays off the balance early, compensating the lender for lost interest. Not all loans have them, and some loan types restrict or prohibit them. Borrowers should review loan terms for such clauses.
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