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Blend And Extend?

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I'm two years into a five year fixed mortgage. I'm toying with the idea of a "blend and extend" new four year term, by the end of which I'll have my home paid off regardless. Now, some people say I will have to pay a penalty, while others say I will not. Does anyone know for sure? Also, can I still make my yearly 15% principal pre-payment on the original amount of my mortgage, or only on the "new" balance? Thanks.

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