C
carlminnick
Guest
my question is this? by the way my residance is pennsylvania.
i want to refinance with another mortgage co. but after reading my origanal contract with the existing bank there is a prepayment penalty clause.i will have to pay six months interest as a penalty.so doing a little investigation i reread the note i signed with this co. and in it, it states that this note shall be goverened by the laws of the state of pennsylvania.so i went to state law and it states, residential mortgage obligations contracted for on or after the effective date, [1974 ]of this act may be prepaid without any penalty or other charges for such prepayment at any time before the end of the period of the loan.
do i have to pay?
carl m.
i want to refinance with another mortgage co. but after reading my origanal contract with the existing bank there is a prepayment penalty clause.i will have to pay six months interest as a penalty.so doing a little investigation i reread the note i signed with this co. and in it, it states that this note shall be goverened by the laws of the state of pennsylvania.so i went to state law and it states, residential mortgage obligations contracted for on or after the effective date, [1974 ]of this act may be prepaid without any penalty or other charges for such prepayment at any time before the end of the period of the loan.
do i have to pay?
carl m.