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prepayment |
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Prepayment 1. The payment of a debt in full before it is due. Prepayment is good for the borrower because it relieves him/her of the debt, but it deprives the lender of interest he/she would have received otherwise. As a result, some lenders attach prepayment penalties to loans to decrease the incentive of prepayments. Prepayment can be a major risk to collateralized mortgage obligations, as coupon payments are based on interest received from the underlying mortgages. See also: Prepayment risk. 2. Payment in advance for a good or service not yet received. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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