Mortgage Guide

A mortgage is often the key to homeownership. Learn how to apply so you can get the best possible deal when you buy a home.

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Prepayment Penalty: What To Know And How To Avoid It

8 Min Read Updated Sept. 3, 2024

Paying off your mortgage early can save you a lot of money on interest, even if you’re refinancing your home or selling it. But it’s not the best news for lenders, which need the interest you pay to stay in business. That’s why some lenders charge borrowers who pay off their mortgage early a prepayment […]

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LMB Mortgage Services, Inc., (dba Quicken Loans), is not acting as a lender or broker. The information provided by you to Quicken Loans is not an application for a mortgage loan, nor is it used to pre-qualify you with any lender. If you are contacted by a lender or broker advertising within our network, your quoted rate may be higher depending on your property location, credit score, loan-to-value ratio, debt-to-income ratio, and/or other factors. Quicken Loans does not offer its matching services in all states. This loan may not be available for all credit types, and not all service providers in the Quicken Loans network offer this or other products with interest-only options. The information that we provide is from companies which Quicken Loans and its partners may receive compensation. This compensation may influence the selection, appearance, and order of appearance on this site. The information provided by Quicken Loans does not include all financial services companies or all of their available product and service offerings. Article content appears via license from original author or content owner, including Rocket Mortgage.

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