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What are the pre-payment penalties?

penalties pre-payment
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What are the pre-payment penalties?

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504 loans must be prepaid in full and there is no penalty if pre-payment occurs in the second half of the term (e.g., years 11-20 for a 20 year loan). During the first half of the loan term, the pre-payment penalty declines over time, beginning at one year’s interest.

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