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Real Estate Glossary
For your convenience, we've compiled a list of words and phrases to help you understand Real Estate better.
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Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay off the loan in full, or a foreclosure. In each case,
means payment occurs before the loan has been fully amortized.
Looking for terms related to prepayment?
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A fee that may be charged to a borrower who pays off a loan before it is due.
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