Generally, there aren't many loans that have a pre payment penalty anymore. Very Rare. If loan is sold to Fannie or Freddie (in Illinois anyway), there cannot be a PPP on a conforming residential loan.
This will depend on the loan - check your closing package from your most recently closed transaction and look for a pre payment rider - you should also call the current service provider and ask if they show a pre payment penalty.
Senior VP of Mortgage Lending
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Each loan has its own verbiage to whether or not the loan has a penalty for early payoffs before the tem of the loan. It is important the borrower understand what all the terms are for the load he or she is taking especially if the borrower has an inkling they will pay off the loan early.
It depends on your loan type. Most loans done today do not have a prepayment penalty. But, there were products that do carry prepayment penalties. Even if you do have a prepayment penalty, it usually phases out after 3-5 years. Hope this helps.