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PREPAYMENT GUIDELINES |
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A Summary of the Process
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The Borrower may prepay the 504 loan by paying the entire principal balance, unpaid interest, any unpaid fees, and any prepayment premium established in the note. The pay off dates are only on the 3rd Thursday of each month. The pay off amount will include Monthly Payment & Interest up to and including the next semi-annual date as established in the loan note, pre-payment penalty (if applicable) and all fees. Therefore, if the goal is to pay-off the loan in order to avoid the next semi-annual date, Actual Pay-Off must occur the month prior to the semi-annual date.
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The Borrower cannot set up a prepayment date with Colson on his or her own. The Borrower must notify NWBDA in writing with a letter of intent to pay off their loan and signed by all borrowers at least 10 calendar days prior to the 3rd Thursday of the month. Colson Services will release the "actual" payoff amount to NWBDA after the 6th business day of the month in which the pay off is scheduled. NWBDA will provide all information necessary for the Borrower to complete the transaction. Please remember to notify NWBDA before wiring the final pay-off.
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The prepayment must be in the form of a wire transfer to Colson Services and the wire must be completed no later than 9:00 a.m. Pacific Time on the date the pay off is scheduled. Please refer to your Debenture Prepayment Schedule and Amortization Schedule provided in your funding package to determine your semi-annual dates or contact one of our Loan Servicing Specialists.
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Effective Rates February 2010
20 Year Rate: 5.55%
10 Year Rate: 4.91% |
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