What is the difference between a closed-term mortgage and an open-term mortgage?

Last Updated: Jun 22, 2017 03:24PM PDT

An open term lets you pay off the mortgage in full at any time without any penalties, whereas a closed term limits the amount you can prepay. If you repay your mortgage in full during a closed term, you'd be charged an interest penalty. Closed terms are the most common term picked by customers because the interests rates offered are significantly lower than open terms. Our MogoMortgage specialists will be there to help you choose the term that works best for your goals.

MogoMortgage is offered by Mogo Mortgage Technology Inc. o/a MogoMortgage (Ontario: FSCO License No. 12836)

Was this article helpful?

bede8a137f377f2fb5d881fe5b5974ac@mogo.desk-mail.com
https://cdn.desk.com/
false
desk
results found
en
Loading
seconds ago
a minute ago
minutes ago
an hour ago
hours ago
a day ago
days ago
about
false
Invalid characters found
/customer/en/portal/articles/autocomplete?b_id=16488