Mortgages Explained – Closed Mortgages

Secure your financial future with a Closed Mortgage.

Lock in a low interest rate and predictable payments.

What is a Closed Mortgage?

A Closed Mortgage is a type of mortgage that offers a fixed interest rate and payment plan for a set term. The term of a Closed Mortgage can range from six months to ten years, depending on the lender and borrower's needs. During the term of the mortgage, you cannot make additional payments or pay off the mortgage early without incurring a penalty.

Benefits of a Closed Mortgage

One of the main benefits of a Closed Mortgage is the ability to lock in a low interest rate and predictable payments for a set term. This can provide peace of mind and help you budget for your mortgage payments without worrying about fluctuations in interest rates. Additionally, Closed Mortgages may have lower interest rates than other types of mortgages, making them a more affordable option for some borrowers.

Is a Closed Mortgage right for you?

If you value predictability and want to budget for your mortgage payments with certainty, a Closed Mortgage may be the right choice for you. This type of mortgage is ideal for those who want to lock in a low interest rate and predictable payments for a set term. However, it is important to remember that you cannot make additional payments or pay off the mortgage early without penalty during the term of a Closed Mortgage.