Legal
Penalty Clause
A provision imposing fees for specific actions
Full Definition
Penalty Clause: A provision imposing fees for specific actions. Understanding this concept is important when navigating the mortgage process. NMHL loan officers can explain how penalty clause applies to your specific mortgage situation.
Why It Matters
Understanding penalty clause helps you make informed decisions about your mortgage. This knowledge can save you money and help you avoid common pitfalls in the homebuying process.
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Frequently Asked Questions
Penalty Clause refers to a provision imposing fees for specific actions. This is an important concept in mortgage lending that affects how your loan works.
Understanding penalty clause can help you make better decisions about your mortgage. Contact NMHL for personalized guidance on how this applies to your situation.
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