![]() For instance, closed-end loans-which make up most standard mortgages-can restrict prepayments entirely or require borrowers to pay a heavy penalty if they pay off or refinance their loan within a certain number of years (typically three to five). However, some types of mortgages come with prepayment penalties. After all, not having that recurring monthly payment while also getting to own your home free and clear can be a liberating feeling. Many people with the resources may think paying off their mortgage early makes sense.
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