Open Mortgage Definition: An open mortgage is a loan option that provides greater flexibility when you take out an open mortgage. Open mortgages allow borrowers to increase their mortgage payments or pay off a mortgage early, without penalty.
On the other hand, a closed mortgage doesn’t allow accommodation for paying off a mortgage early, unless specific fees or penalty costs are paid. While a closed mortgage may be appealing for a borrower, due to lower interest rates on average, an open mortgage is excellent for individuals or parties that prefer making larger payments towards the loan.
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