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What are typical pre-payment privileges available with my mortgage?

April 26, 2017mortgage pre-payment privileges

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What are typical pre-payment privileges available with my mortgage?

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Most lenders today offer pre-payment privileges of 15% of the original mortgage balance. There are a few exceptions that offer only 10% and others that offer 20% and even 25%. You can increase the payments by up to double the regular payment but it is not necessary to double up. Pre-payment privileges can typically be taken advantage of in the form of annual lump sum payments, too.