My brother purchased a house in 2014 and had a rate of 4.5%, then 2 years later he refinanced and was able to get a rate of 2.5%. Why would a bank choose to reduce the amount of money they would get on his mortgage?
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Kind of wondering what conditions lead to people having prepayment penalties. I refinanced my last house and have paid a ton forward on my new place and no prepayment penalties.
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