Re: canadian usage
From: Peter T. Daniels (grammatim_at_worldnet.att.net)
Date: 03/22/05
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Date: Tue, 22 Mar 2005 13:02:34 GMT
Areff wrote:
>
> 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?
We are encouraged to use the "13th month" payment option -- one extra
payment against principal each year reduces the term of the mortgate
from 30 to 15 years.
-- Peter T. Daniels grammatim@att.net
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