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2. Prepaying your mortgage: What is it and should I do it? - AOL

   www.aol.com/finance/prepaying-mortgage-152800578...

   A prepayment penalty is a fee that some lenders charge when you pay off your mortgage early. Typically, the prepayment penalty only applies to paying off your mortgage in full or making a ...

3. What is a prepayment penalty? - AOL

   www.aol.com/finance/prepayment-penalty-165152113...

   Key takeaways. A prepayment penalty is a fee designed to discourage borrowers from paying off a loan ahead of time. Refinancing your mortgage or selling your home could trigger this penalty.

4. Pay Off Your Mortgage With These Savings Strategies - AOL

   www.aol.com/pay-off-mortgage-savings-strategies...

   A mortgage is a marathon, not a sprint. But any marathon can turn into a sprint when you know the finish line isn’t far or realize your pace has been too leisurely.

5. Prepayment of loan - Wikipedia

   en.wikipedia.org/wiki/Prepayment_of_loan

   Prepayment speeds can be expressed in SMM (single monthly mortality), CPR (conditional prepayment rate, which is the annually compounded SMM), or PSA (percentage of the Public Securities Association prepayment model). For mortgages at least 30 months old, 100% PSA = 6.0% CPR = 0.51% SMM, equivalent to the full prepayment of 6% of a pool's ...

6. Mortgage acceleration - Wikipedia

   en.wikipedia.org/wiki/Mortgage_acceleration

   A commonplace method of mortgage acceleration is a so-called bi-weekly payment plan, in which half of the normal calendar monthly payment is made every two weeks, so that 13/12 of the yearly amount due is paid per annum. [2] Commonplace too, is the practice of making ad hoc additional payments. The agreements associated with certain mortgages ...

7. Discount points - Wikipedia

   en.wikipedia.org/wiki/Discount_Points

   Discount points, also called mortgage points or simply points, are a form of pre-paid interest available in the United States when arranging a mortgage. One point equals one percent of the loan amount. By charging a borrower points, a lender effectively increases the yield on the loan above the amount of the stated interest rate. Borrowers can ...

8. What happens when you pay off your mortgage? - AOL

   www.aol.com/finance/happens-pay-off-mortgage...

   Paying off your mortgage means that you have 100% equity in your home and no longer have to make monthly loan payments to your lender. Once your loan is paid off, you’ll have to pay your home ...

9. Interest-only loan - Wikipedia

   en.wikipedia.org/wiki/Interest-only_loan

   In the United States, a five- or ten-year interest-only period is typical.After this time, the principal balance is amortized for the remaining term. In other words, if a borrower had a thirty-year mortgage loan and the first ten years were interest only, at the end of the first ten years, the principal balance would be amortized for the remaining period of twenty years.