closed-end mortgage

Definition of "closed-end mortgage"
  1. A loan that has a fixed maximum amount which cannot be increased throughout its duration
How to use "closed-end mortgage" in a sentence
  1. A closed-end mortgage is beneficial as it determines how much debt one can potentially acquire.
  2. In contrast to an open-end mortgage, a closed-end mortgage sets a limit on the borrowing amount.
  3. She secured a closed-end mortgage to ensure control over her debt.

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