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Closed Mortgage
(1 to 5-year terms are most common but can go as high as 10+ years):These types of mortgages have structured repayment schedules with specific amounts due on a weekly or monthly basis. They usually have the lowest interest rate available but cannot be prepaid or discharged before the end of the term without having to pay a significant penalty. Ideal for purchasers who need to lock in... : Closed MortgageClosed Mortgages
In a closed mortgage, the interest rate is locked in for the full term of the mortgage and you must pay compensation, known as pre-payment charges, to the mortgage lender to renegotiate the interest rate or pay off the balance prior to the end of the term. Closed mortgages are usually the better choice for buyers who suspect that interest ... : Closed MortgagesCLOSED MORTGAGES / FIXED RATE MORTGAGES
The expression 'closed mortgage' originates from the 1980's when this type of mortgage was literally 'closed'. You contracted to the lender to make your payments for the term chosen, you could not pay anything additional, nor could you pay off the entire amount for any reason except the sale of your property. These days, there are many ways to pay down your mortgage principal quicker, though the name 'closed' mortgage still remains. See pre-payment options for ways to pay off you... : CLOSED MORTGAGES / FIXED RATE MORTGAGESGraduated-payment mortgage (GPM)
A mortgage loan requiring lower payments in early years than in later years. Payments increase each year until the installments are sufficient to pay off the loan.... : Graduated-payment mortgage (GPM)For more information about closed mortgage: Best site for mutually exclusive investments
Sponsor closed mortgage: bond funds?
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