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One- to Five-Year Term Loan
Closed
mortgage loans are the most popular of all mortgage loans. The amount
of the payment and the interest rate are fixed for the duration of the
term chosen.
This type of loan is ideal if you are looking for security
and stability in the face of continuous interest rate
fluctuations.
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Features and Advantages
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Closed mortgage loans feature a fixed
payment amount and interest rate for the duration of the term chosen,
which may be from one to five years.
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The loan is redeemable at maturity only and includes conditions
that cannot be changed during the chosen term. The interest rate
on this type of loan is lower than for open
mortgage loans.
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