Hi! I have a question about a prepayment penalty on a 2 year arm mortgage. Is it legal in the state of WI or not? I am getting different stories from 2 different brokers. I have a mortgage with a prepayment penalty on it of 5% of original amount. It is a 2 year arm mortgage and the one is telling me that it is not legal for them to do that? The other one says if it is a federally chartered bank it is. Can someone help me?
Thanks