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CLOSED MORTGAGES

A closed mortgage is a commitment with a pre-determined interest rate, over a pre-determined period of time.

A closed mortgage is a commitment with a pre-determined interest rate, over a pre-determined period of time. A buyer who uses a closed mortgage will likely have to pay the lender a penalty if the loan is fully paid before the end of the closed term.


With a closed mortgage, the borrower may select a fixed rate or variable/adjustable rate depending upon their needs or preference. See “Rates” for more information on the types of rates.


Closed mortgages generally have lower interest rates than open mortgages. Most lenders will allow borrowers with closed mortgages to make a lump sum payment of up to 10, 15 or 20% of the original mortgage amount once a year without penalty. This payment goes directly toward paying down the principal of the amount owing. Many lenders will also allow a borrower to increase the mortgage payment by up to 10, 15 or 20% as well as allowing the lump sum payment.

MORTGAGE CALCULATOR

Use our Mission35 Mortgage Calculator below to calculate an estimation of your monthly payment based on your home's value and your down payment. Don't settle for an estimation, let us crunch the hard numbers, understand the smaller details and get you the best possible rate as well as mazimize your budget and confirm your actual budget. 

 

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