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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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Right to Rescind: A new Regulation Z notice of the right to rescind should not be required for a modification of a closed-end mortgage by the original creditor. All closed-end mortgages secured by a consumer's principal dwelling are subject to certain servicing requirements. The Final Rule is substantially similar to the Proposed Rule and applies to all closed-end mortgage loans secured by a consumer's principal dwelling. |
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