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You ve sold your home. Your buyer obtained new financing with a new mortgage. Therefore, your old mortgage was. undoubtedly, paid in full with part of your proceeds from the sale. Paying off a mortgage in advance of its original loan length is known in the trade as "prepayment”.
Many lenders today require a prepayment penalty if a mortgage is paid off prior to its original due date, and you’ll find this can amount to several hundred dollars.
If you paid this penalty, don’t forget that the Internal Revenue Service treats the prepayment
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