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09.10.07 Pre-payment Penalty Clause
MP3 Audio: 09.10.07 Pre-payment Penalty Clause (0.91mb) Download
By: David Bach visit website
Genre: personal finance/
Tags: investing, millionaire, personal finance, real estate
David Bach's Finish Rich Minute is brought to you by Wells Fargo Home Mortgage, a division of Wells Fargo Bank N.A., Equal Housing Lender and founding sponsor of The Great American Homeowner Challenge TM.
Hi, this is David Bach. Do you know if your mortgage contains a pre-payment penalty clause? Many sub-prime mortgages do- which means if you refinance you'll be responsible for paying a fee that could amount to thousands of dollars or more. My tip today: If your loan requires that you pay a penalty for refinancing sooner than you agreed to in your closing documents, talk to your lender. If you're having trouble making your mortgage payments and a refinance would help, your lender might be able to waive the prepayment penalty. But you won’t know for sure until you ask! I'm David Bach. For more information on smart homeownership, read my #1 bestseller, The Automatic Millionaire Homeowner and visit davidbach.com.
Visit davidbach.com for mortgage information and to find a branch near you.
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