Prepayment Clause

2 topics · 3 sources

Banking

A clause in a mortgage allowing the mortgagor to pay off part or all of the unpaid debt before it becomes due.

The Office of the Comptroller of the Currency — Dictionary of Banking Terms and Phrases
Office of the Comptroller of the Currency, U.S. Department of the Treasury — Dictionary of Banking Terms and Phrases retrieved 2014-05-16

A clause in a mortgage allowing the mortgagor to pay off part or all of the unpaid debt before it becomes due.

National Credit Union Administration — Pocket Cents Glossary retrieved 2014-05-16