58d57c37_TERMS___Whitehorse_Real_Estate__Definition
[Term] Closed Mortgage [Definition] 
A mortgage loan that has a locked-in payment schedule, which does not vary over the life of the closed term. A buyer who uses a closed mortgage will likely have to pay the lender a penalty if you fully repay the loan before the end of the closed term.
WHITEHORSE REAL ESTATE TERMS - Whitehorse Real Estate
Definition