Payment in advance.
Payment of the mortgage/loan after the lock out period but prior to due date.
Submenu Any amount paid on a loan by the borrower before it is required to be paid under the terms of the promissory note. There is never a penalty for prepaying principal or interest on federal loans.
Payment of the principal amount of a loan prior to maturity of the loan.
Full or partial repayment for a loan paid off in advance of the contractual due date.
The act of paying a note earlier than its scheduled due date.
Paying off some or all of a loan in order to reduce the amount of interest that must otherwise be paid.
Paying off a loan, in whole or in part, before it is due.
Any payment made on a mortgage that is in excess of, or in addition to, the regularly scheduled principal payment.
When a portion or the entire amount of the principal of a loan is paid before it's due. This will usually reduce the total amount of interest that must be paid.
Repayment of loan prior to the loan entering the repayment period or making monthly payments ahead of time. Written notification from the borrower is required when making payments in advance of their due date.
It is customary for “new mailers” and others who have not tested a particular list to remit prepayment on their first order. Subsequent orders are subject to industry standard payment terms.
penalty: A charge that a mortgagor may be required to pay during the early years of a mortgage if he or she pays it in full or pays large sums to reduce the unpaid balance.
The repayment of a loan before the full term of the loan. Many loans set a repayment term (length of time to repay the loan). Some types of loans may have a penalty for prepayment of the full amount before the repayment term has ended. Astrive loans do not charge any penalty for early repayment; the borrower will only be charged the amount of interest that has accrued on the loan until the day the loan is paid off.
Full a partial payment of a loan before it is due.
The unscheduled payment of all or part of the outstanding principal of a mortgage loan, including payments by the borrower as well as liquidations from foreclosures, condemnations, or casualty.
an advance of money (from the oil trader) to the government on oil cargoes intended purely for commercial purposes, with a maximum repayment period of six months
an amount that you pay on your mortgage or other loan that constitutes an additional, unscheduled payment
a payment of an amount on a date earlier than the scheduled payment date for such amount as required by this Agreement
prepayment is an amount in excess of the amount due on a loan. If borrowers have more than one Direct Loan, they must specify which loan they are prepaying. Like all other Direct Loan payments, a prepayment first will be applied to any outstanding fees and charges, next to outstanding interest, and then to the principal balance of the loan(s). There is never a penalty for prepaying principal or interest on Direct Loan Program loans.
or advance payment, is money received from a customer prior to delivery of value to the customer.
Payment received for a borrower account for more than the amount due.
Paying on principal, or paying above the minimum payment required by the lender. In the beginning years of the loan, the minimum payment is usually all interest. Anything added to that payment will go to paying off the principal. The more the borrower prepays, the shorter the term of the loan will be. Sometimes there are Prepayment Penalties.
Repaying part or all of a loan in advance of the due date, with or without penalty. Penalties for prepayment in full are often prohibited on consumer loans.
When payment is required prior to shipping the order. This is usually stipulated with a "first time" mailer.
paying off the mortgage loan balance (whether by refinance or sale) before the scheduled due date; may be Subject to a prepayment penalty. Typical prepayment penalties range from 1 to 5 years.
Any monies paid to reduce the principal balance of the loan before the due date. Prepayment may occur by making extra mortgage payments, refinancing or selling a property.
Description of call protection and/or prepayment penalties
Meaning to pay all or part of a payment to the mortgage company. On a 30-year loan, paying additional money equal to one month's payment paid in one lump sum or spread out in increments will lower the length of the loan to 18 years.
Unscheduled early repayment of principal.
This is when you prepay your loan in part or in full prior to your repayment schedule. There is no penalty associated with doing this, and you may save yourself significant interest.
Paying off a loan, in part or in whole, before it is due.
Paying off a loan prematurely
Making early or extra payments toward the principal (amount borrowed). Prepayment can shorten the length of your mortgage and thus lower your total interest. However, lenders may charge a penalty if you pay off the mortgage very quickly, usually in the first few years. Be sure to ask about prepayment conditions in your mortgage and read all the documents.
Making loan payments in part, or in full, prior to the due date. Payments on Education Finance Partners' loans may be prepaid at any time without penalty.
The borrower's ability to make payments on a loan's principal before they are due. In some states, a borrower prepaying a mortgage in full or in part may incur a penalty.
A payment made before the due date of the loan or in addition to the minimum repayment. This can sometimes incur a penalty fee so be sure to check the terms and conditions of the loan.
When you pay part of all of your loan before it's matured.
means the payment or the guarantee of a payment pursuant to a prepaid contract; (prépaiement)
Payment of mortgage principal before due date
Paying on pincipal, or paying abouve gthe minimum payment required by the lender. The minimum payment is usually all interest. Anything added to that payment will go to paying off the principal. The more you prepay, the shorter the term of your loan will be. Sometimes there are prepayment penalties.
An advance payment on a mortgage, i.e., a payment that is made before its contractual due date.
An amount of money that is paid by the borrower before it is due which decreases the total interests costs of the loan. There is not a penalty for prepayment of federal student loans
Paying the mortgage off before the scheduled due date.
Making loan payments before the required time. You may prepay all or part of your student loan without incurring a prepayment penalty.
Making loan payments before the required time. All or part of a student loan can be paid without incurring a prepayment penalty.
Repayment of a mortgage before its maturity, usually resulting from a refinancing or home sale.
The payment of extra principal on a mortgage. In other words, paying more than the minimum required payment in order to pay off a mortgage faster than required by the lender.
It is the amount paid towards principal ahead of the prescribed repayment schedule. The benefit of interest is given to the party in such cases as per the norms of the company.
Paying off a portion of or the total outstanding balance of a loan before the loan is due.
Full payment of the principal before the due date; occurs when a property is sold or the borrower refinances the existing loan.
Any amount of money that is paid on a loan prior to the scheduled time-- during a deferment or grace period (if applicable) or simply an extra payment during the repayment period. Usually, but not always, prepayment reduces cost and carries no penalty.
Full or partial payment of the principal before the due date, prepayment can occur if the borrower makes extra payments, sells the property, or refinances the existing loan.
To pay off all or part of a debt before it is due.
Full or partial payment of all or part of the principal, separate from the regular payments called for under a mortgage agreement.
Additional payment(s) made to a loan, in addition to the scheduled principal and interest repayments.
Paying back a portion or the entire amount of loan principal before it is due to reduce total interest charges. There is no penalty for prepayment of federal student loans.
Payments made to reduce the outstanding loan balance in excess of scheduled payments. Prepayments can shorten the length of your loan and lower the amount of interest you pay.
Paying off all or a part of a loan before it is due.
Provision made for loan payments to be larger than those specified in the note.
Full or partial payment of the principal before the due date. This might occur if the borrower makes extra payments, sells the vehicle, or refinances the existing loan.
A clause in a mortgage that permits the borrower to make payments in advance of the due date, which are applied directly to the principal balance of the loan.
An additional amount paid to reduce the principal balance of a loan.
Paying off an entire mortgage or portion thereof before the scheduled date.
Loan repayment ahead of schedule.
Payment of a mortgage before the due date.
Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay off the loan in full, or a foreclosure. In each case, prepayment means payment occurs before the loan has been fully amortized.
Paying a loan before maturity. Some loans have a prepayment clause that allows prepayment at any time without penalty, while others charge a fee if a loan is paid off before it's due.
To repay the remaining balance of a loan ahead of the regular schedule.
Payment made that reduces the principal balance of a loan before the due date and before the loan has become fully amortized.
The total payment of a loan before loan is due.
A privilege in a mortgage permitting the borrower to make payments in advance of their due date.
Payment of mortgage loan, or part of it, before due date.
Paying off an entire mortgage before it is due. Many mortgage loans offer prepayment without penalty. This may be important to keep in mind when comparing loan programs.
Paying off some of mortgage loan before the scheduled due date. In some mortgage contracts, a penalty may be charged for making a prepayment.
Payment on a loan before such payment is scheduled. Dependant upon the terms of the loan, prepayment may result in fees or penalties to the borrower.
Payment of all or part of the principal of a mortgage or loan before it comes due.
Any amount paid to reduce the principal balance of the loan before the due date or any amount in addition to the minimum repayment.
Full payment of a loan before the scheduled due date. In some cases, a prepayment penalty could apply.
Any amount paid to reduce the principal balance of a loan before the due date. Payment in full when a property is sold. Also where additional or augmented monthly payments to reduce the loan balance prematurely.
Loan payments made before your grace period ends and your repayment period begins.
When the principal (original amount borrowed) on a mortgage or home equity loan is paid off in full, such as upon sale of the property or refinancing, or by paying more each month than agreed upon.
Borrower pays off an entire mortgage before the scheduled date. Back to the top
A loan repayment made in advance of its contractual due date.
A payment made by the borrower over and above the scheduled mortgage payment. If the additional payment pays off the entire balance it is a prepayment in full; otherwise, it is a partial prepayment.
The act of fully or partially paying off the outstanding balance of a loan at any point during the term of the loan at a time earlier than set out in the contract.
Paying all or part of a loan before it is due. FFELP borrowers can prepay any portion of their loan at any time with no penalty. Back to glossary main page
The payment of all or part of a mortgage debt before it is due.
Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from the owner's decision to pay off the loan in full, a sale of the property or a foreclosure. In each case, payment occurs before the loan is fully amortized.
Allows the borrower to prepay a portion or all of the principal mortgage balance, with or without penalty, ahead of schedule. This decreases the total amount of interest paid over the life of your mortgage. This option is typically restricted to specific amounts and times.
A privilege in a mortgage which allows the borrower to make payments before they are due.
Payment of all or part of a debt prior to its maturity.
Partial or full repurchase or other advance deposits of outstanding loan principal and interest by the borrower/debtor. The repurchase may be made at a discount from the current outstanding principal balance.
Any amount paid to reduce the principal balance of a loan before the due date. Prepayment means payment occurs before the loan requires the payment to be made based on the loan amortization.
Paying off part or all of a loan before payment is due.
The ability to pay off the remaining balance of a loan.
advanced payment of the remaining mortgage loan prior to the end of the mortgage term; sometimes a penalty is assessed
A prepayment is any amount of money that is paid on a loan over and above the then due amount. Prepayments are always applied to interest due first and then to principal.
A payment made or received before the period in which it would other wise be due
At any point in time you can pay back the loan amount either in parts or in full. This is called a prepayment.
Paying extra payments (or paying entire balance) to pay your mortgage off early; it is important to ask your lender if there is a prepayment penalty.
Prepayment means paying off all or part of the mortgage loan before it is due. Most mortgages allow prepayment, but some charge a fee if you pay ahead of schedule.
money paid on a loan to reduce the principle prior to the due date
To apply a payment to the principal of the mortgage balance before the payment is actually due under the terms of the mortgage.
Additional payments made by the borrower towards their loan, which will reduce the interest costs by lowering the balance and thereby shorten the time to pay off the loan.
Full or partial repayment of the principal before the contractual due date.
The unscheduled partial or complete payment of the principal amount outstanding on a debt obligation before it is due.
When a borrower pays off an entire mortgage before the scheduled payoff date.
early payment of future debt service payment obligations
a contractual clause in a mortgage permitting the borrower to make payments in advance of the due dates; it is a privilege, not a right
A clause that allows a borrower to make larger (or additional) payments than the amount stated in the loan agreement. It's in your best interest to make extra or bigger monthly payments on your loan since this will reduce your loan balance quicker than if you only paid the amount that's due. You'll also cut down the interest that you need to pay. Prepayment is also called the "or more clause."
Early payment of mortgage loans by homeowners. For investors in mortgage-backed bonds, prepayments pose a serious threat. Refinancing triggered by falling interest rates causes increased prepayments, which can cause bonds that are mortgage-backed to be called early. For the homeowner, however, prepayment provides an opportunity to save on mortgage loans.
The payment of a debt prior to its being due.
When a borrower pays a portion of the entire amount of principal before it is due. This may reduce the total amount of interest charged.
Any amount that is paid to reduce the principal balance, not interest, of a loan before the due date.
The ability to repay installment credit before it is due, or to pay off a loan before its maturity date. Some loans, particularly mortgages, include prepayment clauses allowing you to repay them in advance of the regular schedule without a penalty.
Payment of a debt before it's due.
payment of the mortgage loan before the scheduled due date; may be Subject to a prepayment penalty.
Paying off all or part of the mortgage before the scheduled date.
Paying above and beyond what debt payment is due, with any and all extra being applied to the principal balance. Some mortgages have penalties for prepayment.
Repayment of the principal amount of a debt, or a portion thereof, by the borrower prior to its repayment/maturity date.
A payment made on a loan prior to the original due date.
The borrower's ability to make full or partial payments on a loan's principal before they are due. Paying a mortgage in full or in part before it is due may incur a penalty if so specified in the mortgage's prepayment clause.
A method providing in advance for the cost of predetermined benefits for a population group, through regular periodic payments in the form of premiums, dues, or contributions, including those contributions which are made to a Health and Welfare Fund by employers on behalf of their employees.
A premature payoff of a loan. Prepayments can be made for the total or partial value of the loan.