Homeowners face stiff penalties both for paying off their mortgages early and for making their monthly payments late. Here’s how mortgage prepayment and late payment penalties work and what you can do to avoid them....
![Close up of check and credit card statement to demonstrate the penalties for mortgage prepayment and late payment.](https://www.houseopedia.com/wp-content/uploads/2020/02/Mortgage-Prepayment-and-Late-Payment-Penalties-scaled-e1582316661871-770x360.jpeg)
Homeowners face stiff penalties both for paying off their mortgages early and for making their monthly payments late. Here’s how mortgage prepayment and late payment penalties work and what you can do to avoid them....