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• A charge the mortgagor pays the mortgagee for the privilege to prepay the loan.

  State of New Jersey, Department of Banking & Insurance - Cite This Source - This Definition
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  Cite Definition for Prepayment penalty/prepayment premium

  American Psychological Association (APA)

  Prepayment penalty/prepayment premium. (n.d.). Glossary of Common Mortgage Terms. Retrieved June 9, 2023, from website: http://www.expertglossary.com/definition/prepayment-penalty-prepayment-premium.

  Chicago Manual of Style (CMS)

  Prepayment penalty/prepayment premium. www.newjersey.gov. Glossary of Common Mortgage Terms. State of New Jersey, Department of Banking & Insurance. http://www.expertglossary.com/definition/prepayment-penalty-prepayment-premium (accessed: June 9, 2023).

  Modern Language Association (MLA)

  "Prepayment penalty/prepayment premium." Glossary of Common Mortgage Terms. State of New Jersey, Department of Banking & Insurance. 9 June. 2023 http://www.expertglossary.com/definition/prepayment-penalty-prepayment-premium.

• Browse Related Terms: Annual Percentage Rate (APR), application fee, appraisal fee, HUD-1 Uniform Settlement Statement, Loan origination fees, point, Points (also called discount points), Prepayment penalty/prepayment premium, Unpaid Principal Balance (UPB)