Did you know you may be charged a prepayment penalty for attempting to pay off your loans early? 

Prepayment penalties are fees that some lenders charge if you refinance or pay your mortgage off early. Not only are they fairly common—they’re also often misunderstood by borrowers.

In this article, we’ll discuss how a mortgage prepayment penalty works, the types of prepayment penalties you may encounter, and how to avoid paying them. 

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