When would I be required to reimburse the credit union for third party expenses (Prepayment Penalty)?
A. If you pay off the Home Equity Loan or close your Home Equity Line of Credit within the first three years (36 months) from the date of closing (also known as the loan’s open date), you will be responsible for full reimbursement of the closing costs or third party expenses, paid on your behalf by the credit union.
