What is prepayment?
Prepayment is when your mortgage is paid in full before the due date. If you’ve been thinking of refinancing your mortgage, it’s important to see if any prepayment penalties exist on your current mortgage.
If you do have a prepayment penalty in your current mortgage, that doesn’t necessarily mean refinancing is the wrong choice for you. Depending on the type of loan you may qualify for, your credit score, or current interest rates, you may still be able to lower your monthly payment—even with the prepayment penalty factored in.
If you’ve been thinking about refinancing, give us a call today. We can evaluate your current situation and help you make the decision that makes the most sense for you.