A mortgage that can be prepaid, even in-full, at any time throughout the mortgage term, without the borrower having to pay a hefty prepayment penalty. However, open mortgages come with a premium – typically in the form of much higher mortgage rates.
« Back to Glossary Index© Prairie West Mortgage Group Inc. | Term & Conditions | Website Design & Maintenance by: Chick-a-Dee Web & Graphic Design