The sooner you pay off your mortgage, the sooner your lender stops earning interest from you. Banks need their projected mortgage earnings to keep their books in shape, so they’re not too keen on borrowers exiting their mortgages early.That’s why you’re likely to hear about prepayment charges when shopping for your mortgage.Be sure to read up about potential prepayment penalties at every lender you consider. You’ll face penalties if you:Pay more than the amount your lender allows for early payments.Break your mortgage contract.Transfer your mortgage to another lender before the end of your term.