If a mortgagor wishes to pay off the mortgage debt before the due date so as to save interest, the right must be reserved at the time the mortgage is given.

Question

Quizplus · Accepted Answer

The ability to pay off a mortgage early, known as prepayment, and potentially save on interest, often depends on the terms agreed upon at the time the mortgage is originated. If the mortgagor wishes to have this flexibility, it must be explicitly stated or agreed upon in the mortgage contract, as some mortgages may have prepayment penalties or restrictions.

If a Mortgagor Wishes to Pay Off the Mortgage Debt