Avoiding The Penalty

Eugene has a sub prime mortgage and wants to refinance his adjustable rate mortgage but is facing a penalty.

QUESTION: Eugene has an adjustable rate mortgage that is scheduled to adjust in September. He wants to refinance, but there is a prepayment penalty on it that expires on July 31. Should he wait until after that to refinance? How should he handle this?

ANSWER: Call the mortgage company and tell them you want to refinance and you need them to waive the prepayment penalty, because I need to close while the rates are down. They ripped you off anyway.