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The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries.

term:

Prepayment Penalty Mortgage (Ppm)

prepayment penalty mortgage (ppm)

a type of mortgage that requires the borrower to pay a penalty for prepayment, partial payment of principal or for repaying the entire loan within a certain time period. A partial payment is generally defined as an amount exceeding 20% of the original principal balance.



Source: U.S. Department of Housing and Urban Development

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