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September 2, 2010
Negotiating Mortgage Terms
Learn that mortgage terms are negotiable. View negotiation tips and mistakes and see when in the mortgage process to ask for the best rate and terms available. |
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| The Unpleasant Surprise Of Prepayment Penalties |
A high-quality, must read about mortgage loan pre-payment penalties. Learn how borrowers often agree to pre-payment penalties in exhange for lower interest rates. When these buyers refinance their loans, they are faced with significant pre-payment fees. Often the savings from the negotiated low interest rate are not enough to cover the fees.
From the resource: "Lenders say prepayment clauses aren't a hidden fee but rather an option they offer to borrowers seeking better terms. In return for accepting the penalty, borrowers generally get a rate about one eighth to three eighths of a point below the market rate." |
| Source: Wall Street Journal |
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