Are there prepayment penalities?
Often loans advertised at very low rates come loaded with loan prepayment penalties that make it prohibitively expensive to sell your house in the future. A few years ago the mortgage industry loaded a lot of loans with these without explaining it very well to the borrowers, just so they could appear to quote the most competitive rates and get more business. Now, homeowners are finding an ugly surprise when they want to sell their house and are getting hit with tens of thousands of dollars in fees. Prepayment penalties aren’t always a bad thing, but in the recent past, the monthly savings associated with taking a loan that has a prepayment penalty are becoming negligible. At The Frensdorff Group, we don’t just want to put you in a loan, we want to put you in the loan that is right for you for the long term. Always striving to build trusting relationships that last for decades, I’ll still be here when you go to sell your home, looking to help you get into your next one. Fooling a client
