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| Definition Of: |
Prepayment
Payment of mortgage loan, or part of it, before due date. Mortgage agreements often restrict the right of prepayment either by limiting the amount that can be prepaid in any one year or charging a penalty for prepayment. The Federal Housing Administration does not permit such restrictions in FHA insured mortgages.
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Debt Busters Dictionary INDEX:
List of Terms: Terms beginning with "A", Page 1 |
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1 A: Page 1 of 1.
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