answersLogoWhite

0


Best Answer

The state of Pennsylvania requires that any prepayment penalty be stated in the contract. When the prepayment penalty is stated in the contract it becomes legal.

User Avatar

Wiki User

9y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: In the state of Pennsylvania is a prepayment penalty legal?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Finance

How can you get out of a shared appreciation mortgage?

1. Sell the house. 2. Outside of that, your position is complicated. Check your state laws to see what restrictions govern SAMS. Refinancing the mortgage will involve a prepayment penalty that could be stiff; whether that is more or less than what you will owe at the end of the SAM depends on how much the house has appreciated. If I were in your shoes, I would go to somebody knowledgable about mortages and run the numbers on your particular property. There are no easy answers here, sorry.


What is pennsylvanias nick name?

Pennsylvania is known as the Keystone State.


What is the location of Penselvenia?

You can't be serious. It's spelled 'Pennsylvania' and it's located in the Northeastern United States. ================================================== Pennsylvania is located in the northeastern part of the United States, in Commonwealth of Pennsylvania. It rates 33 in size as compared to the other states. Pennsylvania is named for Admiral William Penn. He's the founder of the state. Its nickname is The Keystone State. The Motto: Virtue, Liberty and Independence.


How many branches does northwest savings bank have?

Northwest Savings Bank services the state of Pennsylvania. It has approximately 10 branches in Pittsburg Pennsylvania area.


What is the legal age to be employed in Washington state?

The minimum legal age to be employed in the state of Washington is 14. At 14 years old you can expect to be a clerk at a restaurant or supermarket.

Related questions

When refinancing should there be a document stating that a prepayment penalty will be charged and how much it will be?

yes, unless in your state or the state of the lender there is no prepayment penalty. It may not be included in the verbiage on the Note--to see if it is mentioned there. It may have different information than the page titled "Prepayment Penalty."


Prepayment penalty on a fixed rate Was there a new law passed abour prepayment penalty?

That is going to be a State by State thing. But you will not find a Prepay penalty on an FHA or VA loan and typically you will not find them on Conforming loans (Fannie/Freddie stuff)


What is the maximum prepayment penalty on commercial mortgages?

There is no single maximum unless you want to research every jurisdiction to find the jurisdiction with the highest allowance. Prepayment penalties vary from state to state, and federal banks follow federal law. Case law has freed them from state consumer protection laws.


What is the penalty for an expired car registration a state inspection and emissions in Pennsylvania?

About $85.


Downloading pirated MP3 can be death penalty?

Laws vary from state to state and country to country. I don't know of any legal jurisdiction in the world that has such a penalty.


Legal age to decide which parent to live with ia the state of Pennsylvania?

Legal age to decide which parent to live with in the state of utah?


Are hedgehogs legal to keep in philladelphia?

No, they are illegal in the whole state of Pennsylvania.


Why is the Death Penalty legal?

The death penalty is legal in the US because the US Supreme Court ruled that it is not cruel or unusual punishment, and the Federal and some state legislatures have not seen fit to repeal it.


Are push daggers legal in Pennsylvania?

No, a push dagger is considered to be a double sided edged weapon and these are not legal in Pennsylvania. This is an offensive weapon in the state of Pennsylvania and you could do jail time or be fined if you are caught carrying one.


Is it legal to fly the Confederate flag in Pennsylvania?

Yes, Its legal to fly it in any state. It's your 1st Amendment right.


How old to you have to be in order to move out of your home in the state of Pennsylvania?

Legal age in PA. is 18.


Are throwing stars legal in Pennsylvania?

No, throwing stars are not legal in Pennsylvania. Possession of throwing stars is considered a prohibited offensive weapon under state law. It is illegal to manufacture, sell, possess, or use throwing stars in Pennsylvania.