Perhaps. The difference in the prepayment penalty and the amount of interest paid until the loan is satisfied is a major consideration. If the difference is small,early payoff might not be the best option.
It depends. One has to look at what the interest rate is, the amount of the term remaining, the amount of the prepayment penalty and the cost of the source of funds to pay it off. There is no one correct answer, sorry.
Only the borrower can answer that question.
You need to compare the cost of the repayment penalty and the benefits of having the loan (such as deductible interest) vs. the benefits of paying off theloan such as increase cash flow. Do that analysis and determine the best use of your money.
If the pre-payment charge is considerably less than would be the amount of interest that would be paid through the duration of the loan, then it could be beneficial financially, but might also have a minor and temporary affect on the borrower's credit score.
no i would rather get the death penalty than spend my life in prison.
No...and they make sure of that. Prepayments are there to make sure the Lender gets every penny they would have received if you stayed in the contract. Which means interest. If you pay out the loan you will pay interest and principle. Payments to your principle balance is equity.
what is viable development?
Brandon was very viable.
"The terms of this contract are not viable." "There are two viable options here: take it or leave."
important Viable means ... feasible, practicable, workable. e.g. Capable of being done with means at hand and circumstances as they are e.g. Capable of life or normal growth and development; "viable seeds"; "a viable fetus".
The current methods are not working and we need a viable alternative. Without water and sunlight, the plants are not viable.
Jim is not economically viable because he is homeless.
Viable sperm is sperm that is capable of fertilizing an egg and resulting in, when combined with a viable egg, offspring. Hope this helps!
Trisomy 21, Down's syndrome, is viable.
A fetus is viable when it can live outside of the mothers womb. a viable foetus is where a foetus that could be taken from the womb and still be able to survive.
Yes, because anything viable is capable of living.
A primipara has delivered one viable offspring.
is tidal power viable choice for newark
a NOT viable reason is complete liberation from European influence.
Taking out the animals from the ecosystem made it weaker and less viable for the animals to survive.
You need a viable business plan before the bank will OK your loan.
why is turbidity not an accurate measurement of viable bacteria in a culture