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Home open mortgage loan

An open mortgage is a mortgage-type that you can make prepayments on or pay-out - without being charged a penalty.

This mortgage offers you great opportunities! You can make prepayments on it, or pay it out whenever you wish. Without penalties. And that's over-the-top.

With no penalties for pay out or prepayment, you can own your home or multi-residential real estate as fast as you want. And no penalties mean you can stop making home mortgage loan payments as fast as you want, while you can't ever stop making rent payments. Also, with free prepayments and payout, you can start to make pure profit from renting out home or multi-residential real estate as soon as you want.

Order this mortgage type for debt consolidation. Since there are no prepayment or pay out penalties, your home mortgage loan debt can be paid back as fast as you want.

Opting for equity take out? With no penalties from this mortgage's "open nature," you can pay off the cost of getting cash out of your home real estate as fast as you want.

Out to get a line of credit? Use the open mortgage loan to get it. No pay out or prepayment penalties means you can pay off your line of credit as fast as you want.

Apply for this mortgage today! Fill out the home mortgage application.

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

Rates for open mortgages

For open mortgage loans, you can get these institutional rates:

  • Fixed rates (most common)
  • Adjustable rates
  • Capped rates
  • Convertible rates

And you can get these private rates:

  • Fixed rates
  • Adjustable rates
  • Convertible rates

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Payments for open mortgages

Whether you use an institutional or private lender, you can pay off open mortgage loans with:

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

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Amortization for open mortgages

What amortization can you get for this type or mortgage loan? 5-25 years - whether you use an institutional lender or a private one. 25 years is the most common amortization length if you're using an institutional lender.

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Terms for open mortgages

If you use institutional lenders, you can get these terms for mortgage loans:

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

Or, if you use private lenders, you can get these terms for mortgage loans:

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

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Down payments for open mortgages

You can make the following down payments on open mortgage loans, if you use an institutional lender:

  • Down payments 5%-25% of your real estate's value
  • Down payments 25%-95% of your real estate's value

You can make the following down payments on open mortgage loans, if you use a 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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Pssst! Need to know what some of these mortgage loan terms mean? View the mortgage glossary.

Know more about open mortgage loans by contacting The Mortgage Store Online's brokers. Just use the contact form or call them at 1-866-880-2577.

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