If i refinance with my same lender to a different loan program/ terms will i be penaltied for early repayment?

You should read your original loan paperwork, it should state if there is a pre payment penalty or not.. most loans DO NOT have pre pay penalties.. and for those that do, they will usually waive any pre payment penalties if you refinance with them .. that being said, you will almost never get the best deal by going back to your original servicer.. you should contact a local mortgage broker and let him look at your complete profile.. he should be able to put his offer in writing and let you know if any penalties would apply.. .. 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

Not likely... Double check your original loan documents. Pre-payment penalties were usually only on sub-prime loans from years ago. Even if you did have one, they were usually only for the first 3-years. For the most part, pre-payment penalties went away when sub-prime loans wet away back in 2007. Be sure to get a second opinion with a different lender - almost without fail, refinancing with your current lender will not be the best deal!

There really is no such thing as pre-penalty payments anymore unless it is specifically stated in your original loan documents. So you should be penalized for refinancing with your current lender or a different lender. If you would like to discuss your options please contact me Ken@MortgagesforAmerica.org - www.MortgagesforAmerica.org - 888-320-7888 - Ken Burrows

It will depend if your current loan has a prepayment penalty you will be able to ask if it dose. If you would to see what we can offer you contact us at 602-531-7040 or jafonso@azhomerates.com.

Highly unlikely but it depends on what the original loan documents said, and whether the lender enforces them. You shouldn't have to use the same lender, and anyone you choose to work with would be pleased to review the original loan to see if there is a penalty

As the previous posters noted, most loans do not have pre-payment penalties now. However, if you do have one they are sometimes waived when you refinance with the original servicer. Notice I said "current" servicer. If your loan has transferred from the initial servicer there's a little less chance of it being waived, but they still might. If you are interested in more information or need help reviewing your documents to determine your situation fell free to contact me by email at robhanson@emortgagegroup.com, or call at 301-651-7822. Good luck!

You most likely don't have a pre-payment penalty. To make sure just call your current lender. They have a copy of your note with the original terms and will be able to tell you if you do or not. Also, there is no penalty when refinancing to a new lender.