Finance
A prepayment penalty on an Oklahoma mortgage loan is a charge imposed when:
AA borrower makes a late payment
BA borrower pays off the loan early✓ Correct
CA borrower refinances after 10 years
DA borrower misses two consecutive payments
Explanation
A prepayment penalty is a fee charged by some lenders when a borrower pays off the loan balance before a specified date or makes extra principal payments. Prepayment penalties are regulated and disclosed under TILA.
Related Oklahoma Finance Questions
- Oklahoma's mortgage escrow account for taxes and insurance is collected monthly with the mortgage payment and held by the:
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR), which reflects:
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- Private Mortgage Insurance (PMI) is typically required on conventional loans when the borrower's down payment is:
- A private mortgage in Oklahoma is a loan made by:
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