Hey, I see bankers here! I have a question then
BofA adjusted my rate to 1.89%, but as I'm reading the loan agreement, there is a wording that if I pay off earlier, there is no penalty, but at the same time - the cost of loan (total sum of interest, they call it "finance charge") will stay the same and won't be reduced.
Is this unique for BofA or everyone else does the same?
Quote:
Prepayment charge: If you pay off early, you will not have to pay a penalty; and will not be entitled to a refund of a part of the finance charge.