closed-end mortgage(redirected from Closed End Mortgage)
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.
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.