Refinance Home Loan Mortgage – appraisals precautions

blog about refinancing home loans and mortgages

Refinance: Is it legal for the previous mortgage broker to charge penalty to reimburse the original lender?

alec b asked:


…even if the original loan had no prepayment penalty?

Please refer to the following form. Is it even legal in CA?

In the event I / we refinance the loan through anyone, other than “XXX Lender”, within twelve (12) months of the funding date, I / we agree to reimburse “XXX lender” for any, and all, penalties against it by the original Lender, or anyone to whom the loan may have been assigned.
“BY SIGNING BELOW, I / WE HAVE READ, UNDERSTAND, AND CONSENT TO SUCH REIMBURSEMENT SHOULD THE EVENTS DESCRIBED ABOVE OCCUR.”

MARQUIS

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Posted October 29th, 2009 in Renting & Real Estate 3 Comments »

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