In case you want something changed regarding the loan you get from a bank, the bank charges you a set fee. Well, this happens with money lenders as well, but they are more flexible than banks. For example, money lenders often allow you to extend your loan even if they have not worked with you previously, and even if you require that extension within the first week after getting the money. However, not all money lenders offer this flexibility. This is why it is important to read the terms and conditions in your contract carefully when attaining a home mortgage through a money lender.
Just as you can extend a loan, you can repay it sooner than the established repayment date. If we are talking about a money lending company that has a website through which it gathers customers, you simply need to enter that website and send the money lending company a message, telling its representatives that you would like to repay the home mortgage sooner. Usually, in less than 24 hours, you will be contacted by phone by a representative, or by e-mail, telling you if this transaction is free or not. In most cases, money lenders do not charge a customer for paying loans back sooner, but in some cases, lenders charge a certain amount of money. This figure is based on the number of days there are between the actual due date, set by the contract, and the date when the customer wants to repay the whole debt.
Obviously, lenders are more flexible than banks, because they are private investors and financial groups who put their own money at your disposal. This is why they allow you to extend a home loan or repay it much sooner; at the end, they simply want to see their money back. Financial institutions have different policies regarding penalties for early prepayment. Check with your loan officers to see how this is handled for your institution.
