Quote:
Originally Posted by Ace
Just wanted to point out that if you're considering doing a refinance, now could be a very good opportunity. The bank I deal with has a typical pre-payment privilege per year, but this resets on Jan 1st, meaning you can pre-pay twice in a matter of days if you time it for the end of the year. This can significantly drop your payout penalty.
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Great point. Not to mention that if you do utilize a large, or two large pre-payment privileges, but don't want to "lose" all that money, you can always refinance up to your balance prior to doing the pre-payments.
So basically you can significantly reduce your penalty with only a temporary out-of-pocket payment.