I just read in Phila newspaper that prepays are not legal in Pa and NJ. Can this be true? I just paid almost $1800 to buy down 3 year prepay…
legal in PN unless the loan amount is less than $50K
New Jersey- I don’t know because my company doesn’t do business in that state.
find out exactly when that law went into effect. We had a similar situation in MA When pre-pays were eliminated in the state but many people who refinanced around the date that it was announced where pretty upset. If your loan funded before the date then there really is nothing you can do.
As far as I know, preays in NJ are illegal.
I thought they were in PA too, but maybe that has changed. Just got a mortgage in PA with no prepay.
NJ-Investor