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PREPAYMENT
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amount paid to reduce the principal balance of a loan before
the due date. Payment in full on a mortgage that may result
from a sale of the property, the owner's decision to pay off
the loan in full, or a foreclosure. In each case, prepayment
means payment occurs before the loan has been fully
amortized. |
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BACK TO GLOSSARY |
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Simplicity
Mortgage - 6180
E. State Street, Suite #5 - Rockford, IL.
61108
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