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 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference: http://www.AustinListed.com
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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