Massachusetts  |  Real Estate Law

Legal Question

Asked on: 2/06/12, 5:10 am

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?

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