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closed-end credit :)
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∙ 11y ago
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Which is an example of closed-end credit?
Your house or car are purchased using closed-end credit, which is credit that must be paid in full by a date certain.
What is the difference between an open end and closed end loan?
closed end is like a car loan or mortgage where you agree repayments and have a fixed end date. open end is like a credit card ... you pay a minimium repayment each month but it could go on forever
Is installment credit considered closed-end credit?
Yes, an installment loan is a perfect example of closed-end credit since the amount must be paid off in full by a specified date in the future. Good examples of installment loans traditionally include: auto loans, mortgages and unsecured personal loans.
Can you claim closed end loan interest on your taxes?
Outside of a business setting, or home mortgage, No.
What is the difference between open ended credit and closed end credit?
Open end credit means khullam khulla udhar lena band.Closed end credit means chup k udhar lena band
Which is an example of closed-end credit?
Your house or car are purchased using closed-end credit, which is credit that must be paid in full by a date certain.
What is the difference between an open end and closed end loan?
closed end is like a car loan or mortgage where you agree repayments and have a fixed end date. open end is like a credit card ... you pay a minimium repayment each month but it could go on forever
Is installment credit considered closed-end credit?
Yes, an installment loan is a perfect example of closed-end credit since the amount must be paid off in full by a specified date in the future. Good examples of installment loans traditionally include: auto loans, mortgages and unsecured personal loans.
What is the difference between open end credit and closed end credit?
Open end credit means khullam khulla udhar lena band.Closed end credit means chup k udhar lena band
Can you claim closed end loan interest on your taxes?
Outside of a business setting, or home mortgage, No.
What is the difference between open ended credit and closed end credit?
Open end credit means khullam khulla udhar lena band.Closed end credit means chup k udhar lena band
How can you get the best mortgage rates?
Have pristine credit. The better your credit history is, the lower your mortgage rate will be. The worst things you can do to your credit, in the eyes of a mortgage company: 1) Not pay your bills. This is absolutely the worst thing. 2) Not use credit at all. If you never use credit, the mortgage company can't determine how you act when you do. 3) Not carry a balance. If you get a credit card, make small purchases and always pay them in full at the end of the month, mortgage companies consider that not using credit. 4) Having way too much available credit. If you have many credit cards, the mortgage company will assume you might actually use all that credit. If you DO use it all, you won't be able to pay your house payment.
Why does closed-end credit have a better interest rate than open-ended credit?
Generally, closed-end credit has a better interest rate than that of open-ended credit because closed-end credit is less risky insomuch as there is a limit on how much credit may be utilized (whereas there is no limit for open-ended credit). Because lenders look at the risk-reward aspects of the product portfolio, a lower-risk product warrants a lower interest rate than one having higher risk.
Is residential mortgage close-end mortgage?
Normally residential mortgages are not closed-end mortgages. By definition, closed-end mortgages cannot be prepaid but most residential mortgages in the U.S. do have a prepayment clause that allows the borrower to prepay the balance of the mortgage (perhaps by paying a penalty).In Canada, residential Mortgages could be open or closed depending on the need of the client. In some cases where the client is unsure what the time frame would be for them to repay the mortgage and does not want to get stuck with early repayment penalties, I suggest them an open mortgage.But if they are pretty much sure that they are okay to go the full term of the mortgage 1 - 5 years, then a closed is preferred as to give client the advantage of a better interest rate.
Give you an example of a closed end question?
A closed-ended question is one where the answer is not open to interpretation. An example of a closed-ended question would be, "What is the year of the sinking of the Titanic, 1912 or 1913?"
What is an example of a sentence using the word 'obligation'?
'He had an obligation to repay his mortgage by the end of the following year.'
What is the difference between open end and closed questioning?
Open end credit is when a borrower can continue to borrow and pay off in various amounts, such as a credit card. Closed end is when the lender tells the borrower how much they can borrow and a fee schedule is set up which the borrower will pay until the debt is paid off, such as a car loan.
