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Old 04-17-2007, 05:36 AM
41 posts, read 299,828 times
Reputation: 52


and I read somewhere that this may be refundable at closing?
Also, are there laws for prepayment penalties in NC?
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Old 04-17-2007, 06:00 AM
Location: Cary, NC
34,519 posts, read 60,128,686 times
Reputation: 33764
A committment fee?
That sounds synonymous with "Junk Fee" to me.

Prepayment penalties typically are legal and are spelled out in your mortgage contract.
It is common, and reasonable, for a lender to recoup some costs if you get a teaser rate mortgage and then refinance to pay off before the rate escalates.
Some lenders charge them. Some don't.
The specifics vary, just like loans vary. You may have a prepayment penalty within the first year or two, if you are getting a very attractive ARM.

Don't hesitate to have your attorney review your loan documents if you do not understand them, or you don't get good clarification from the lender rep.
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