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Finance

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  • January 6, 2023
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Closed Mortgage

A mortgage/ mortgage bond/ home loan that is issued with an indenture disallowing repayment prior to maturity and the re-use of the same collateral without the permission of the bondholders/ the lender. This type of mortgage places restrictions as to repayment, renegotiation, or refinancing of the mortgage/ loan without incurring breakage costs or other penalties (to the benefit of the lender).

It is opposite to an open-end mortgage.

It is also called a closed-end mortgage.


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