Do you charge a pre-payment penalty if I payoff early? Jordan Brewer
There is NO pre-payment penalty. If you pay the loan back faster, either by paying it off or refinancing, you will be prorated for interest, but points are a set fee. When you take out the loan, you have the right to keep the money out for that period of time. So, although there are no refunds on points if the loan is paid off early, there is no pre-payment penalty for interest.
Did this answer your question?