Find a Qualified Attorney Near You
Find a Qualified Attorney Near You
Search by legal issue and/or location
Enter information in one or both fields. (Required)
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