About Prepayment penalty on loan

Question

I have a loan that started November 5, 2009 and has a 2% prepayment penalty for payoff if paid years 1 through 3...years 4 through 7 it is a penalty of 1%..  If I pay off this month; August 2013;  is that considered still during the third year sinc it says through

Answer 1

I think that you are in your 4th year. Check with your lender to be sure.