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What is the prepayment penalty on a home equity line of credit or loan?

April 26, 2017home equity line of credit loan penalty prepayment

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What is the prepayment penalty on a home equity line of credit or loan?

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We do not require a prepayment penalty on our home equity loan. However, our home equity line of credit requires the payment of a 2% prepayment penalty unless you keep the line of credit open at least three years, suffer a catastrophic insurance loss on your property, or refinance your loan with Indiana Bank & Trust Company.