Prepayment Penalty Mortgage Question
Were told by lender that there was NO prepayment penalty clause in mortgage. Find that there IS a sentence saying exactly that, however next sentence states that the loan's finance charges (which I'm taking to mean total amount of interest paid on the loan over the life of the loan) will ALWAYS remain the same. So, this says to me that while a person could indeed make extra/larger mortgage payments to pay the loan off sooner than planned, there would be absolutely NO purpose in doing so as there would be no benefit in doing so. Am I understanding this correctly? Is this common? Is this legal? Thanks for any help.