Legal Question in Real Estate Law in New Jersey

Prepayment penalty

Is a prepayment penalty legal on a mortgage in N.J. ?


Asked on 1/30/04, 3:25 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Prepayment penalty

While unusual on residential financing unless you have poor credit, typical on commercial financing, both are legal unless the rate is usurious.

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Answered on 1/30/04, 3:41 pm


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