Tag Archives: mortgage fee and charges

Mortgage Prepayment Penalties

One of the warnings that one issues regarding a mortgage loan is to always watch out for a pre-payment penalty clause in your contract. A prepayment penalty is the charge that the lender levies on a borrower for paying off the mortgage before its due date. The paint penalties are not allowed on FHA, VA […]

Mortgage Taxes, Insurance and Prepayment Penalty

In most of the cases a borrower is required to pay monthly property taxes and homeowners insurance to the lender if he takes a home loan for more than 80% of the purchase price of property. Some lenders may also collect 8 to 12 months of property taxes and home insurance payments in advance in […]