Re: canadian usage

From: Areff (me_at_privacy.net)
Date: 03/19/05 

Date: 19 Mar 2005 21:08:41 GMT

Tony Cooper wrote:
> On 19 Mar 2005 09:24:52 -0800, "retrosorter" <hrichler@sympatico.ca>
> wrote:
>
>>Another term that I think is distinctly Canadian is "closed mortgage."
>>In Canada, this refers to a mortgage that may not be paid off before
>>the stated term without a financial penalty. How is this term referred
>>to in other areas?
>
> Some US mortgages and loans have a "pre-payment penalty". This is a
> fee for paying off the note early. With a pre-payment penalty
> specified, the note may be paid off at any time by paying the balance
> owed.
>
> It used to be that you examined a contract to make sure this clause
> wasn't included. I haven't seen a pre-payment penalty clause in a
> note for decades, though. Of course, I haven't borrowed money that
> often, either.

I think in some states prepayment penalties in mortgages are flat-out
illegal, aren't they? 

-- 
I repeat:  Erk, this can't be!

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