What is another word for closed mortgage?
Pronunciation: [klˈə͡ʊzd mˈɔːɡɪd͡ʒ] (IPA) 
A closed mortgage refers to a type of mortgage where the borrower must pay a penalty if they choose to pay off the mortgage earlier than the specified term. This type of mortgage is also known as a fixed-rate mortgage or a non-negotiable mortgage. However, there are several synonyms to refer to a closed mortgage. Some of these synonyms include a fixed payment mortgage, a fully amortizing mortgage, and a conventional mortgage. Additionally, a closed mortgage can be referred to as a traditional mortgage, a non-convertible mortgage, or a traditional fixed-rate mortgage. Ultimately, a closed mortgage is a popular mortgage option for homeowners who desire fixed monthly payments and predictable interest rates.
