How can i find out if I will have prepayment penalties?

Hardly any loans issued today have pre payment penalties.. If they do, it will be listed on the "NOTE"... 3 to 5 page document you sign at closing... For those loans that do have PPP, the amount was usually no more than 6 months of interest added to your payoff..... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Depending upon how long you have had your mortgage loan, could tell you if you have a pre-payment penalty or not. There is a Pre-Payment Penalty Rider to the Note and Mortgage if you do have one. Look in your closing package for these documents. If you do not have one, the Truth in Lending statement would also let you know. This is where I would start looking. I am here in Ohio and can help you get it waived if you do have one. Feel free to call on me at 614-310-7520

OH you will Know. On first lien Federally back loans there are special disclosure documents that you must sign making you aware of the PPP. The are basically extinct but if you are offered that in a loan, look for another loan officer to help you. That's a 1st lien situation. If the question is for a 2nd or a HELOC those are regulated by whole difference set of rules and you can pretty much count one some sort of PPP. Usually not much, couple hundred bucks, but it happens all they time with 2nd's.

Yes, it will be on the "NOTE". Also, if you might by change still have your paperwork (copies of) from your lender on all the paperwork you signed, you will find the information at the bottom of the Truth In Lending statement. Kimberly Lawson NMLS 5601 OHIO LO.004495.000 T:888-659-3848. First Priority Financial MBMB.850147.001 NMLS 3257

Review your closing documents.

It will be on the Note in your original loan documents.

Whether the loan has a prepayment penalty is also indicated on the Truth in Lending form. These have become very rare for at least the past 3 years. So, if you wondering about your existing mortgage go back through the original paperwork, especially from the closing. Or, just call the current lender/servicer and ask them for a pay-off statement, that should show it. If it is a new loan it would be highly unlikely.