alt Hacker NewsPrepayment penalties are illegal for the vast majority of loans that consumers can get in the US, which makes it a no-brainer to refinance any time the payment saving exceeds the cost of writing a new loan.
The Trump admin has floated the idea of allowing prepayment penalties in home mortgages, BTW.
Would you mind posting a link where Trump wanted to allow prepayment penalties? This sounds unbelievable.
Every home owner in the US would be against it (especially the ones who got their mortgages in the past two years at relatively high interest rates).