Q & A: Prepayment

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  1. What are the benefits of pre-paying a mortgage?

What are the benefits of pre-paying a mortgage?

Paying your mortgage off in advance could save you thousands of dollars in interest charges. The amount of money saved will depend on your loan balance, years of loan remaining, and your loan interest rate. But, some loans place penalties on borrowers if they repay their loan prior to the agreed end date. Contact your lender to find out if your loan has a pre-payment penalty, and to verify how much money you could save by prepaying your loan.    

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