Closing和open的住房贷款的区别是什么？谢谢高手们

[comstar]

Closing和open的住房贷款的区别是什么？谢谢高手们
听说还有完全OPEN的住房贷款

 

[GRAND KING]

Closing和open的住房贷款的区别是什么？谢谢高手们
听说还有完全OPEN的住房贷款

Open Mortgage

An open mortgage allows you to pay back the borrowed funds without notice or penalty. In other words, when you have extra cash, you may make extra principal payments. If you decide to sell, because of job relocation or change in family situation, you can pay off the loan without a prepayment penalty.

If you are self-employed, work on commission or otherwise don’t have a regular income, this option is worth serious consideration.

This is an ideal option if you desire flexibility either until you’re ready to lock in to a closed mortgage or don’t plan to remain in your home more than a few years.

Closed Mortgage

Closed mortgage have terms that are set for the original life of the loan. Often closed mortgage cannot be prepaid, even with a penalty unless the lender agrees. Most closed mortgages, though can be paid out but with a substantial prepayment penalty charge.

Borrowers can usually obtain a lower interest rate on a closed loan versus an open mortgage loan, there is less flexibility with this type of loan. That being said, if a closed mortgage is what you want, your broker will make sure that it has the most pre-payment options available. Some banks like RBC and CIBC only offer a 10% pre-payment privilege on their closed mortgages. However a broker can get you a closed, fixed rate mortgage with as much as 25% pre-payment privilege.

If your life and family situation are stable, a closed mortgage affords you the security of knowing how much your monthly payment will and for how long. If you don’t plan to move for the period of the loan, this may be a great option for you.

 

[jmm]

open mortgage can switch at any time no penaltybut you pay more interesting,
closed you have to finsih the term, other wise you will have penalty, 3 months interest or interest differential depends which one is greater. but lower rate