A mortgage that cannot be pre-paid or re-negotiated without paying a penalty or not at all.
A mortgage that generally may not be prepaid, or early renewed, unless the borrower is willing to pay an additional interest. Some lenders may allow limited prepayment privileges without additional interest.
A mortgage that cannot be prepaid over and above the stated prepayment privileges without a penalty fee.
A mortgage agreement which does not provide for prepayment prior to maturity without some form of prepayment penalty.
Mortgages that are locked in for a specific period. To get out of the mortgage usually requires a penalty payment, often 2 or 3 months of interest.
Usually has the lowest fixed rate available. A good choice if you need the security of fixed weekly, bi-weekly or monthly payments for the term of your mortgage. A fixed mortgage lacks the flexibility of being paid out at any time without an interest penalty, which can range from three months interest to an interest rate differential calculated by the lending institution upon payout.
A mortgage product that has a strict repayment schedule. Payment amounts are pre-set with optional limited lump sum payments and payment increases as detailed in the loan agreement.
A mortgage that cannot be prepaid or renegotiated.
A mortgage loan that can not be fully paid out before the expiry of the mortgage contract term.
A mortgage agreement that cannot be prepaid, renegotiated or refinanced before maturity, except according to its terms.
A mortgage which cannot be prepaid, renegotiated or refinanced.
A mortgage agreement that cannot be prepaid, renegotiated or refinanced before maturity, except upon payment of a prepayment penalty.
A mortgage that cannot be prepaid, renegotiated or refinanced prior maturity. A lender may allow pay out under certain conditions but will levy a penalty charge for doing so if the certain limits specified in mortgage documents are exceeded.
A mortgage that locks you into a specific payment schedule. A penalty usually applies if you repay the loan in full before the end of a closed term.
A mortgage that cannot be prepaid, renegotiated or refinanced during its term without significant penalties.
The restriction and denial of repayment rights until the maturity of the mortgage.
A closed mortgage is one that does not allow for prepayment of principal, renegotiation or refinancing. Sometimes penalty fees may be charged for these transactions if they are allowed. People commonly choose closed mortgages, but it may not always be to their advantage.
A mortgage which has a fixed interest rate (usually lower than an open mortgage rate) and a set, unchangeable term. You cannot pay off a closed mortgage before the agreed end date without prepayment cost.
A mortgage which has a fixed interest rate (usually lower than an open mortgage rate) and a set term that you cannot change. You cannot pay off a closed mortgage before the agreed end date.
A mortgage loan that has a locked-in payment schedule, which does not vary over the life of the closed term. A buyer who uses a closed mortgage will likely have to pay the lender a penalty if you fully repay the loan before the end of the closed term.
A mortgage may be an open or closed mortgage. An open mortgage usually charges a higher interest rate but may be paid off at any time without penalty while a closed mortgage may not be paid off during the term without penalty. Be careful, as some mortgages may not be paid off even with a penalty before the maturity date. See also Prepayment Penalty and Maturity Date.
conventional mortgage agreement in which the interest rate is fixed for a term and cannot be prepaid, renegotiated or refinanced before maturity, except upon payment of a pre-payment penalty. Some lenders may allow limited pre-payment privileges.
A mortgage that generally may not be prepaid, or renewed early, unless the borrower is willing to pay an interest penalty, which is the greater of three months' interest or the interest rate differential.
This mortgage cannot be paid out before its term has expired, however in most instances the lender will allow payout with some penalty.
A mortgage which can not be paid of until its maturity, unless the creditor consents to earlier payment.
A closed mortgage is one that cannot be prepaid, renegotiated or refinanced unless an interest penalty is paid. A closed mortgage usually offers a lower interest rate than an open one of the same term.
A mortgage that cannot be renegotiated or paid off before maturity, without paying a penalty to the lender.
A mortgage whose terms state that it cannot be paid out, even with a penalty, unless the lender agrees. In some cases, a closed mortgage may be discharged at a defined cost, usually Interest Rate Differential (IRD), but sometimes with a punitive penalty such as full interest to maturity.
Offers the security of fixed payment for terms for 6 months to 10 years. The interest rates are considerably lower than open mortgages.
A mortgage that CANNOT be prepaid or repaid in advance of the maturity date without penalty.
a mortgage that cannot be prepaid of renegotiated unless the lender agrees and the borrower is willing to pay an interest penalty.
A mortgage agreement that cannot be prepaid, renegotiated or refinanced before maturity, except with compensation or breakage costs.
A mortgage loan that has a locked-in payment schedule and can not be prepaid or renegotiated before the term's end.
The restriction or denial of repayment rights until the end of the mortgage term.
A type of mortgage that cannot be prepaid, renegotiated or refinanced during its term.
Requires you to maintain a specific payment schedule for terms 1 to 25 years. Their is usually a penalty if you repay the mortgage in full before the end of your term.
With a closed mortgage, an interest penalty may be charged to pay off or pay down the mortgage.
A land loan that cannot be prepaid or re-negotiated before the end of its term without the payment of an interest penalty.
A mortgage that locks the borrower into a specific and set payment schedule. A penalty usually applies if the loan is repaid in full before the end of the term.
Mortgage in which the collateralized property cannot be used as security for another loan.