Acquisition Charge
| Author | Jeffrey Lehman, Shirelle Phelps |
Page 76
A fee imposed upon a borrower who satisfies a loan prior to the date of payment specified in the loan agreement.
Many home mortgages provide that if the persons who borrowed the money want to repay their mortgage within two years, they must pay an acquisition charge of a small percentage of the outstanding balance of the mortgage. Prepayment penalty is another...
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