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    bkmallo's Avatar
    bkmallo Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 15, 2007, 06:19 AM
    Prepayment penalty
    I live in New Jersey. When I applied for a mortgage I was told about early payoff penalties. When I resisted I was told by the mortgage consultant that the state of New Jersey prohibited penalties for early payoff and I didn't need to worry. Upon closing I was asked to sign a form explaining the penalty. Can anyone tell me if it is true that New Jersey prohibits such behavior. I have 3 days to cancel the deal.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Sep 15, 2007, 06:25 AM
    I Google "prepayment penalties NJ" and came up with this article:

    New Jersey Real Estate Report » Welcome back prepayment penalties
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