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Home closed mortgage loan

A closed mortgage loan is a mortgage-type that you would have to pay some penalties to make prepayments on or to pay-out.

This mortgage-type will make you cheery! How? It has a lower rate than most types of home mortgage loans. And lower rates are completely nifty.

The lower rates a closed mortgage gives you, will allow you to own a bigger home or multi-residential real estate. Those lower rates can get you home mortgage loan payments that are the same as your current rent payments. And, low rates mean you can get bigger houses or multi-residential real estate to rent out. So cash will be on your horizon, all because you got a "closed" mortgage loan.

Considering debt consolidation? The home mortgage loan rate this mortgage'll give you, can be lower than your current credit card and loan rates.

Coveting equity take out? The low rate this mortgage's "closed personality" provides can get you more cash out of your home real estate.

Choosing to get a line of credit using a closed mortgage loan? It can give you a line of credit with a home mortgage loan rate that's lower than bank rates for a line of credit.

Apply for this mortgage today by filling out the home mortgage application.

Learn about the rates, payments, amortization, terms and down payments for home closed mortgage loans

Rates for closed mortgages:

If you use an institutional lender, you can you can get these rates for closed mortgage loans:

  • Fixed rates
  • Adjustable rates
  • Capped rates
  • Convertible rates

If you use a private lender, you can get these rates for this mortgage loan type:

  • Fixed rates
  • Adjustable rates
  • Convertible rates

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Payments for closed mortgages

You can pay off this type of mortgage loan with the following payments - whether you use an institutional or private lender:

  • Interest-only payments
  • Straight-line principal reduction payments
  • Constant payments

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Amortization for closed mortgage loans

You can get anywhere from 5-25 year amortization for this mortgage loan type - whether you used an institutional or private lender.

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Terms for closed mortgages

Which terms can you get for closed mortgages, when you use an institutional lender?

  • Short terms (6 months to 5 years)-with a 5 year term length being the most common
  • Long terms (6 years to 18 years)

Which terms can you get for closed mortgages, when you use a private lender?

  • Short terms (6 months to 5 years)
  • Long terms (6 years to 18 years)

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Down payments for closed mortgages

You can make the following down payments on this mortgage loan type if you use an institutional or private lender:

  • Down payments 5%-25% of your real estate's value
  • Down payments 25%-95% of your real estate's value
  • No down payment (0% down)

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To find out the definitions of some of these mortgage loan terms, check out the mortgage glossary.

Have questions about closed mortgage loans? Contact The Mortgage Store Online's brokers by using the contact form or by calling them at 1-866-880-2577.

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