We are refinancing our primary residence at a lower interest rate in Massachusetts and one of the provisions of the contract under prepayment states: If you pay off early, you
X will not have to pay a penalty.
X will not be entitled to a refund of part of the finance charge.
Is this standard for the industry or something I should/could protest?
Does this mean that if we paid off the house through a windfall of cash in the first year of a 15 year mortgage that we would have to pay the entire finance charge if $41,000. (in this case), anyway?