Payment of mortgage loan, or part of it, before due date. Mortgage agreements often restrict the right of prepayment either by limiting the amount that can be prepaid in any one year or charging a penalty for prepayment. The Federal Housing Administration does not permit such restrictions in FHA insured mortgages.
© 2022 Compass Mortgage Inc. All Rights Reserved.
Menu
Home to a Better Mortgage Experience® and Get Committed® are registered trademarks of Compass Mortgage Inc. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Compass Mortgage Inc. and www.compmort.com with appropriate and specific direction to the original content. NMLS# 21808 – Illinois: MB.0005795, Arizona: 0909436 (dba Compass Mortgage Lending, Inc.), California: 4131332 (dba Compass Mortgage Lending, Inc.), Colorado: 21808 (dba Compass Mortgage Lending, Inc.), Florida: MLD308 (dba Compass Mortgage Lending, Inc.), Georgia: 38332, Indiana: 11020, Iowa: MBK-2001-0104, Michigan: FR022873, Tennessee: 135374, Texas: 21808, Wisconsin: 38296BA/21808BR, Oregon: 21808, Minnesota: MN-MO-21808, Missouri: 21808, Ohio: RM.804327.000, South Carolina: MLS-21808, North Carolina: 20080, Kentucky: MC763652, Washington: CL-21808 NMLS Consumer Access Illinois Residential Mortgage Licensee Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. For licensing information, go to: www.nmlsconsumeraccess.org.