A mortgage that can be paid out in full at anytime without penalty. Rates are normally higher on these types of mortgages.

A mortgage that can be prepaid or renegotiated at any time without additional interest.

a loan that allows payment of the principal, in part or in full, at any time without penalty

Mortgage that be prepaid at any time prior to maturity, without penalty.

Lets you pay the total amount of your mortgage at any time, without penalty. Ideal if you plan to sell your home in the near future.

A mortgage that can be repaid at any time during the term without any penalty. For this convenience, the interest rate is between 0.75-1.00% higher than a closed mortgage. A good option if you are planning to sell your property or pay-off the mortgage entirely.

A mortgage in which you can repay the loan, in part or in full, at any time prior to maturity without incurring a pre-payment fee.

A mortgage allowing part or full payment of the principal at any time without penalty. (see Mortgage)

A type of loan that can be paid off prior to maturity without penalty.

mortgage loan obligation whose term has matured but which has not been completely settled as required. The term has expired with an amount overdue and subject to foreclosure. For more information, see the "Mortgage Deed and Promissory Note" article in the "Real Estate In-Depth" section.

A mortgage which can be prepaid at anytime, without penalty.

Allows partial or full payment of the principal at any time, without penalty.

A mortgage that can be prepaid or renegotiated at any time and in any amount without penalty.

A mortgage that can be repaid prior to the term due date.

A mortgage loan that can be paid off, without penalty, at any time prior to maturity.

A mortgage which may be prepaid in full or in part at any time during that life of the mortgage without notice, bonus or penalty.

A mortgage that allows the borrower to pay off, renew or refinance as much of the outstanding balance as desired, without penalty, at any time.

This type of mortgage can be paid out at anytime without penalty. The interest rate is normally higher than the rate for closed mortgages.

A mortgage which can be paid off any time even before its maturity.

A mortgage that may be repaid in full at any time over the life of the loan without a prepayment penalty.

This allows you to pay back the borrowed funds without notice or penalty. There are two types of open mortgages: Fixed rate mortgages; the term is usually fairly short (6 months to a year) although themortgage.com contains some longer open terms; and the interest rate will be higher than on a closed mortgage. Variable Rate Mortgages (VRM's) are usually open (and are "collateral" type mortgages) but recently, several institutions have introduced closed versions.

Allows you the flexibility to repay the mortgage at any time without penalty. Open mortgages are available in shorter terms, 6 months or 1 year only, and the interest rate is higher than closed mortgage. They are normally chosen if you are thinking of selling your property, or if expecting to pay off the whole mortgage from the sale of another property, or an inheritance.

A mortgage that can be prepaid at anytime during the contract without penalty.

A mortgage in which you can repay the loan, in part or in full, at any time prior to maturity without penalty in most cases.

A mortgage which allows for extra payments, principal reductions or full payment at anytime without penalty.

A type of mortgage which can be prepaid at any time, without penalty.

A way of registering a mortgage which allows the mortgagor to make extra payments, make principal repayments, or pay the loan off in full at any time without penalty.

A mortgage which can be prepaid at any time prior to maturity, without breakage costs.

Allows you to pay the principle in part or in full at any time without penalty. They usually have a higher rate of interest than a closed term mortgage, because of the flexibility. Non Assumption Clause A statement in a mortgage contract forbidding the assumption of the mortgage without the prior approval of the lender. Note: The signed obligation to pay a debt, as a mortgage note.

With an open mortgage you can make additional payments on the principal or pay off the mortgage completely, without notice or penalty.

A mortgage that can be paid-off, refinanced, or renewed at any time, without any penalty. Also known as a open-end mortgage.

1) A loan that can be prepaid without penalty. 2) a mortgage in default prior to foreclosure sale.

Mortgage that has matured or is overdue and, therefore, open to foreclosure at any time.

A mortgage which you can pay off, renew or refinance at any time. The interest rate for an open mortgage is usually higher than a closed mortgage rate.