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And your typical mortgage contract will include clauses that stop you from moving your mortgage to some other provider without penalty. You can get badly locked in like that with rates from a decade ago.


This isn’t true in the US. Typically, you can refinance anytime you want, and I’ve never seen a prepayment penalty.

Closing costs aren’t a penalty, as it does take some work to get a mortgage. Although in free money times, even that is sometimes waived by lenders.


AFAIK only PMI can have prepayment penalties. You’ll still have to pay closing costs on and qualify for a new mortgage.




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