Definition
Prepayment Penalty
A charge for paying off a loan early. Rare on conventional loans, common on DSCR and some non-QM products.
Nearby terms
Pre-Qualification
An informal estimate based on unverified information.
Prepaid Interest
Interest from the closing date to the end of that month, collected at closing.
Principal
The outstanding loan balance, and the portion of each payment that reduces it.
Private Mortgage Insurance
Insurance protecting the lender on conventional loans above 80% LTV.
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