No Prepayment Penalties on Foreign National Mortgages
Mortgage broker July 1st, 2008We have with no prepayment penalties. Not having a prepayment penalty can save you thousands of dollars when you sell your home. A prepayment penalty is when a lender charges you a "penalty" or fee if you sell your home within the first few years after you took out the mortgage. Most prepayment penalties are usually 6 months worth of interest so not having a prepayment penalty will save you alot of money. Six months of interest on a $200K at 7.5% interest is $7,500 so the savings are exceptional.
Prepayment penalties on are very common so this is a great opportunity to get a foreign national loan without the prepayment penalty.
Have a Great Day,
Sandra Sheely