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1.Valid on owner-occupied 1- 4 family residential properties. No closing costs means no: origination fee/points; application fee; flood check fee; credit report fee; appraisal fee; mortgage recording fee; abstract update or title search fee; lender title insurance fee; bank attorney fee; and mortgage recording tax. Property and flood insurance; owner title insurance; borrowerâ€™s attorneyâ€™s fees; and survey fees are the responsibility of the borrower. If the mortgage is paid off in the first 3 years from the origination date the Lender is entitled to the following prepayment penalty based on the outstanding balance: 2% for year 1; 2% for year 2; and 1% for year 3. Except for the aforementioned the Borrower may pay all or a portion of the amount owed earlier than it is due without penalty.