The most prevalent loans of the last few years such as FHA, VA and conventional loan products allow prepayment without penalty. However, if you have a loan that is not insured by the government (FHA and VA) or purchased by Fannie or Freddie (conventional), then you may have a prepayment penalty. It's best to call up the customer service dept. listed on your statement to find out the terms or refer to your mortgage note for specific loan terms. Any payments towards principal should be clearly indicated as such. For more info or assistance, I can be reached directly at 917.699.0183.
Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973