Adding in prepayment data can adjust the rates significantly.
Check first with your lender to make sure you will not wind up paying any prepayment penalties, which might cancel out any benefit of an extra payment due to fees.
Consider how competition to supply customers using prepayment meters might be strengthened.
Don't forget about prepayment penalties.
If Fairbanks imposed a prepayment penalty in violation of contract or law.
Look for a lender that doesn't charge application fees, origination fees, or prepayment penalties.
One reason is that some mortgages have prepayment penalties attached.
Otherwise, you can always take a 30 year mortgage and pay it off early if you want, but just make sure there are no prepayment penalties.
People who paid an improper prepayment penalty were also eligible to get a refund of a portion of the amount of the prepayment penalty.
Read the fine print of your current mortgage to determine if there is a prepayment penalty and how much it is, as that information will affect the ultimate cost of refinancing.
Seek lenders that have no prepayment penalty.
Some lenders put prepayment penalties into their loans as a way to make a profit even if the borrower refinances.
Tracker rate mortgages may include a costly prepayment penalty if paid off prior to the amortized term.