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| Archwood Real Estate, Inc. Investment Brokerage & Real Estate Financing (818) 376-8582 |
How can I minimize my prepayment penalty?
Currently, many borrowers are faced with a dilemma: Should they refinance now and pay a
significant penalty, or should they wait until the penalty disappears, hope that rates are still
attractive and refinance at that point in time? At Archwood Real Estate, we can lock in your
interest rate now, whereas closing will not occur until much later. In some cases, the closing
can occur up to 12 months from the day that we initiate the process. This can allow a borrower
to achieve the best of both worlds:
Any borrower, with either a fixed or a yield maintenance prepayment penalty with 12 to 24
months remaining until maturity, can benefit from this forward commitment and early rate lock
program.
significant penalty, or should they wait until the penalty disappears, hope that rates are still
attractive and refinance at that point in time? At Archwood Real Estate, we can lock in your
interest rate now, whereas closing will not occur until much later. In some cases, the closing
can occur up to 12 months from the day that we initiate the process. This can allow a borrower
to achieve the best of both worlds:
- To lock in the lowest possible interest rate now
- To minimize the prepayment penalty on their current loan.
Any borrower, with either a fixed or a yield maintenance prepayment penalty with 12 to 24
months remaining until maturity, can benefit from this forward commitment and early rate lock
program.
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| Archwood Real Estate, Inc. - 16217 Kittridge St., Van Nuys, CA 91406 - Phone: (818) 376-8582 - Fax: (818) 376-8572 California Broker #01445207 |
