The mortgage industry discourages lenders to include prepayment penalties in their loans.

This is especially true for both 15 year and 30 year fixed mortgages.

If a lender is trying to put you into a mortgage with a prepayment penalty, they are probably doing so to earn more income from the loan. There are so many loans both fixed and adjustable that do not come with any form of prepayment penalty that you should insist that your loan does not have one either.

At First Priority Financial we have several loan programs without any prepayment penalty and will work diligently to make sure one is not included in your loan.