Closed-End Mortgage Law & Legal Definition
A closed-end mortgage is a loan in which the lender is given a security interest in real estate and the borrower may not repay the loan before the maturity date. The loan amount may not be increased or extended over the life of the loan. The borrower must also seek permission from the lender to incur additional debt, using the same collateral as security for the debt. It is the opposite of an open-end mortgage.
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