When it comes to an assumed mortgage, neither the home vendor nor the financial institution is in charge of revealing all the information of your financing. And this, the customer who did not be aware that brand new thought loan keeps a good prepayment penalty clause has no you to definitely fault however, themselves.
“As i purchased my personal home 24 months in the past, I believed the borrowed funds of your supplier. I recently put on refinance, and you will is actually advised that i had to pay a good $5,000 prepayment punishment. The borrowed funds files I found myself considering when i presumed the loan incorporated a facts-in-financing setting you to definitely makes reference to good prepayment penalty, however, will not give the amount. I found myself advised your facts are located in the fresh promissory mention signed of the prior holder, that we had not witnessed. We expected a duplicate of mention from the lender, and you may sure enough, loans Mccalla AL it suggests a punishment of five% of one’s amazing mortgage number if for example the harmony try paid in the 1st 5 years. (більше…)