Berkeley CSUA MOTD:Entry 26092
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2025/05/26 [General] UID:1000 Activity:popular
5/26    

2002/10/3-4 [Finance/Banking] UID:26092 Activity:high
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".
2025/05/26 [General] UID:1000 Activity:popular
5/26    

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