10/3 Do B of A mortgages have prepayment penalty? I can't find that info
on the web site. The phone says estimate hold time is >30min. Their
rates seems much lower than E-LOAN. Thanks.
\_ Probably not. I don't think anyone in CA has a pre-payment penalty
loan anymore. They *might* but that's the sort of thing you'd see
in the loan paperwork.
\_ Oh yes they do. It's usually in the form of a clause which
says that the loan may not be paid off within x years (2, 3, 5)
of origination. This is mostly to prevent refinancing. According
to my lender, it's more commonly seen for variable interest
rate loans. I had this clause in my loan paperwork (fixed APR)
and requested it be removed. They did, since it was a "mistake". |