There is a very common pre-payment penalty in almost all mortgages. That pre-payment penalty is in relationship to the last mortgage payment made to the lender (mortgagee) from the borrower (mortgagor) when the loan is paid off. If the borrower makes a payment due on the first of the month that payment has pre-paid interest to the end of the month. If the borrower pays off the loan on the 15th of the month, the lender does NOT typically pro-rate the pre-paid interest to give back to the borrower when the loan if paid off.
Ever borrower should request a copy of the Truth In Lending Statement required by law to be provided to the borrower prior to closing the loan. When they get it they should READ IT, and ask the loan officer questions about anything they do not under stand.
"The most important thing a buyer can do is work with a buyer broker." As stated by AARP and the Consumer Federation of America in REALTOR News.
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Beverly Howe, ABR, GRI, TRC, CIPS