Us areas are far more likely than many other borrowers to get loans which contain a prepayment penalty

Us areas are far more likely than many other borrowers to get loans which contain a prepayment penalty

Recently, the middle for Responsible Lending unearthed that borrowers surviving in predominately African US areas tend to be more most likely than many other borrowers to get loans that have a prepayment penalty, a costly fee charged for settling the loan before its deadline. This research controlled for other key factors, such as for instance creditworthiness, that may impact whether a lender imposes a penalty. It contributes to one unmistakable summary: borrowers from white areas have the chance that is best of having home financing with no prepayment penalty.

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