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Real Estate Glossary
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Prepayment privilege:
A clause in some loans allowing the borrower to pay off the debt prior to its due date without incurring a penalty. This is an advantage for a borrower when interest rates are falling, since he/she can pay off the existing loan and then refinance at a more favorable rate. Also called prior redemption privilege. See also Prepayment Penalty.
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See Also:
» Prepayment penalty
The definition for Prepayment privilege and
this glossary as a whole are presented to you as a courtesy of ForeclosuresMass.
For other terms, explinations, definitions and descriptions, please
visit our Glossary page.
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