I refinanced my loan last year into a fixed loan, but because I had a 3-year prepayment penalty I had to pay $8,000. I recently heard that it is not legal to charge a pre-payment penalty in Maryland. Is this true? If so, how do I go about getting some or all of my money bank?
We aren't familiar enough with Maryland state laws to tell you whether they prohibit prepayment penalties, or if they do, to what types of mortgages the prohibition applies. Check with a real estate attorney in that state for an answer to both of your questions.
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We aren't familiar enough with Maryland state laws to tell you whether they prohibit prepayment penalties, or if they do, to what types of mortgages the prohibition applies. Check with a real estate attorney in that state for an answer to both of your questions.
