With interest rates at record lows, you may be in the process of refinancing your existing mortgage. However, you could encounter a serious problem when you try to settle on the existing obligation. Almost all lenders charge prepayment penalty, a fee that they should have disclosed at the time you applied for the loan. Before you go ahead with the deal, you have to take this fee into account so that you fully understand the costs of refinancing your mortgage. [Read more…]