As previously suggested, you should read your loan documents. For the fee to be collected, it must have been stated. If the loan has been sold, the acquiring institution is often careless (to their advantage) and try to enforce their current rules, but are required to abide by the orginal terms of the loans. The only way to know their costs and processing fees is to ask. Afterwards, you can make the decision on whether or not to refinance now or in two years. The way it is worded does not appear to restrict pre-payments to 20% a year. You still have the option of paying down the balance to reduce interest. Debra
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