What charges can I expect when paying out my mortgage?

The payout includes the principal amount outstanding, any interest accrued since the last payment date to the completion date, the prepayment penalty if one is applicable, any credit for a property tax account if one was in existence, the standard $75 discharge fee, possibly a “reinvestment fee” or “cashback reimbursement” and then a per diem interest rate. Before agreeing to sell your property, you should be careful to confirm what your prepayment penalty may be, as it could be significantly higher than you think if the interest rate differential penalty applies.

Copyright © 2016 Montgomery Miles & Stone Law Firm. All Rights Reserved
Website Powered by Cutting Edge Concepts