Financing in 77521>Question Details

Bjls84, Home Buyer in Channelview, TX

what is a conventional loan on a HUD sold home? can i pay it off before the loan term agreement?

Asked by Bjls84, Channelview, TX Tue Apr 2, 2013

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Don Groff’s answer
A conventional loan is one that is not secured by any government agency such as FHA or VA. Conventional loans do not have pre-payment penalties in just about all cases but you will want to make sure of that with your lender. Conventional loans also do not have pre-payment penalties in most cases either but again make sure by reading over your loan paperwork carefully so you fully understand the aspects of the loan.

Hope this helps.

Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 |
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0 votes Thank Flag Link Wed Apr 3, 2013
The answer to THATquestion will be explained in the promissory note of your loan.

I see NO REASON why you would have a pre-payment penalty.
1 vote Thank Flag Link Tue Apr 2, 2013
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