Found 1 blog entry tagged as closed mortgage.

Different mortgages are available depending on your situation. It’s important that both current and prospective homeowners realize the advantages and disadvantages of each type of loan. Today, we’ve outlined some of the major differences between two loans, open and closed.


Open Mortgage


This type of mortgage allows you to pay off the principal amount on your own schedule without facing any penalties.

For those who are self employed, own a business, or get paid at irregular intervals, this type of mortgage is the more appealing option. If you had a profitable year, you can choose to put that extra money towards the mortgage; it also allows you to use any funds you earn from your liquid assets (investments such as stocks and bonds) or non liquid…

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