Early repayment penalties are when a mortgage lender charges a penalty for the early repayment of the mortgage
Archive for the ‘Fees’ Category
Early Repayment Penalties
March 3rd, 2010
Early repayment penalties are when a mortgage lender charges a penalty for the early repayment of the mortgage.
Early repayment penalties should be considered carefully before choosing a mortgage, as they can add to the cost of a mortgage if the intention is to get another after a few years. Some of the best mortgage offers will have early repayment penalties. The things that should be considered are the size of the early repayment penalty (it may simply be an administrative fee) and the length of the penalty period, as a mortgage is unlikely to be changed for a better deal within two years but quite likely to change within five years.
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Mortgage penalty fees
February 12th, 2010
Mortgage penalty fees can take a number of forms with mortgages, and they can sometimes punish what seems like virtuous behaviour.
The idea behind penalty fees is not about making a person better behaved or more civilised, but rather to reduce uncertainty for the bank which has leant out the mortgage, for example by reducing the balance on the mortgage. The penalty is dependent on what type of account the mortgagee has opened as generally the mortgages with the better terms and lower interest rates also tend to have the most stringent penalties.
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Mortgage Arrangement fees
February 10th, 2010
A mortgage arrangement fee is charged at the start of a mortgage in order to set up all the administration that is necessary for a mortgage to be secured and to cover other start-up costs.
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What fees apply to mortgages?
February 1st, 2010
As well as interest rates, which are the biggest cost of a mortgage, there are many other fees that apply to mortgages. These include holding fees, arrangement fees and insurance.
Most fees are not really noticed by borrowers as they are added to the body of the loan. They are charged as small amounts. As they are charged to the loan, they bear interest that can add up to tens of thousands of dollars over the lifetime of a loan.
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