Open Mortgage
A mortgage that does not contain any prepayment restrictions and is prepayable, in part or in full, without penalty. Open mortgages tend to have higher interest rates than closed mortgages.
About The Author
Don Scott
Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.
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