When you take out a mortgage to buy a home, you are borrowing a large sum of money from a lender that you agree to pay back over a long period of time, often 15 or 30 years, and the lender makes money off the interest you pay on the loan over those years. However, some lenders include a prepayment penalty clause that allows them to charge you a fee if you pay off all or part of the mortgage early before the full term is up. If they sound pesky, it's because they are, and they're crucial for anyone with a mortgage to know about.What is a prepayment penalty and why do they exist?A prepayment penalty is an extra fee, typically a percentage of the remaining mortgage balance, that you would owe t
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