The law on pre-payment penalties

**rackt3** · 12.31.2002, 14:28

Is there a website where I can research what the law says on prepayment penalties in minnesota?
I was reading one website that said it's very restricted in the state, but I'd like to get more information. I'm refinancing right now, and would like to know if there might be any of the fees I can shave off of the total cost if possible.

**lbrown59** · 12.31.2002, 18:30

The law on pre-payment penalties
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Why a penality when no wrong doing ?

LB 59

**GEORGE** · 12.31.2002, 19:58

My loan has ONE MONTH INTEREST...that is all.

**NEILoans** · 01.04.2003, 22:50

You can pay a higher interest rate and have them removed. If you are in a credit repair mode, then go with a 2 year prepayment penalty, as that is normally what it takes to get up to a prime rate FICO.

You might go to:
http://www.revisor.leg.state.mn.us/stats/58/137.html
to check out the state laws.

Charles
neiloans@hotmail.com