Refinance

QDo I Have A Pre-payment Penalty?
AYour present lender may have imposed one. Some lenders penalize you for paying the loan early (typically, in the first 3 years). If you're in that boat, you may want to wait until the pre-payment penalty term is up. Unless of course, the new lower rate, even when accounting for the pre-payment penalty and the closing costs, is still far lower than your present payment.