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closed-end mortgage |
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Closed-end mortgage
Closed-End Mortgage 1. In banking, a bond secured by a mortgage in which the mortgage may not be paid off before maturity, and the property in question may not be used as collateral on any other transaction without the bondholder's permission. 2. In real estate, a mortgage in which the principal amount may not be increased. Further borrowing is not permitted using the same mortgage as collateral. closed-end mortgage A mortgage loan in which all sums have been funded at closing.Contrast with open-end mortgage, in which the principal balance may increase over time. A home loan is typically a closed-end mortgage;a construction loan is typically an open-end mortgage. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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31, 2005, HSBC Finance Corporation serviced over 315,000 subprime residential closed-end mortgage loans with an aggregate principal balance of over $33 billion. Household Mortgage Loan Trust, closed-end mortgage loan asset-backed notes, series 2003-HC1 $997. The group I and cross-collateralized certificates are collateralized initially by 2 pools of fixed-rate, closed-end mortgage loans creating a first or junior lien on one- to four- family properties. |
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