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closed-end mortgage

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Closed-end mortgage
Mortgage against which no additional debt may be issued.
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 with a prohibition against additional borrowing using the same lien. The prohibition against additional borrowing protects the existing creditors from having the security diluted. Compare open-end mortgage.
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.
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All closed-end mortgages secured by a consumer's principal dwelling are subject to certain servicing requirements.
Striking the right balance: new regulations issued by the Federal ... by Platt, Laurence E. / Mortgage Banking
Home equity lending laws vary more widely from state to state than closed-end mortgage lending requirements so it was important for First Internet Bank of Indiana to be fully compliant in this area before offering HELOCs nationwide," said Terry King, group chairman of MRG.
First Internet Bank of Indiana Selects MRG For Document Preparation ... by Business Wire
These include second-mortgage production (both closed-end mortgages and lines of credit) originated through LaSalle Bank and Standard Federal Bank, and these loans are closed in the name of the individual bank entity.
AAMG 2004 production drops by 57 percent by Mortgage Banking
 
 
 
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