A mortgage that cannot be prepaid (by more than the limit set in the terms and conditions), negotiated or refinanced throughout the mortgage term, without the borrower having to pay a hefty prepayment penalty. Closed mortgage rates can be fixed or variable, and are lower than open mortgage rates.
« Back to Glossary Index
VIEW ALL
Eye lens regeneration from own stem cells
September 30, 2016Sense of smell may predict Alzheimer’s risk
September 30, 2016