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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.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoNormally 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).
Wiki User
∙ 9y agoIn 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.
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What is a commercial mortgage?
A commercial mortgage is not the same as a residential mortgage. A commercial mortgage applies to commercial buildings or businesses. Businesspeople take out commercial mortgages.
How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?
Sexytime with banker.
Can a corporation assume a residential mortgage?
Type your answer here... No, if the business is a corporation.
What types of services does Franklin Credit offer?
Franklin Credit offers a variety of real estate based services, including residential mortgage loans, and in the aquisition of residential mortgage portfolios for third parties.
What is EMC Mortgage Servicing?
EMC Mortgage Servicing is a company that provides residential mortgages to clients. The company is located in Texas. EMC Mortgage has an excellent reputation for customer service.
What are the names of some residential mortgage companies?
There are plenty of residential mortgage companies throughout the world. To list a few, Quicken Loans, Third Federal Home Loans, Residential Mortgage LLC, Chase Mortgage and the list goes on.
What is the symbol for Ellington Residential Mortgage REIT in the NYSE?
The symbol for Ellington Residential Mortgage REIT in the NYSE is: EARN.
In what year did Ellington Residential Mortgage REIT - EARN - have its IPO?
Ellington Residential Mortgage REIT (EARN)had its IPO in 2013.
What is the market cap for Ellington Residential Mortgage REIT EARN?
As of July 2014, the market cap for Ellington Residential Mortgage REIT (EARN) is $151,538,580.36.
How can you get the best residential mortgage services?
Wells Fargo is the number one residential mortgage company at this time. Second is the Bank of America, third is Chase, & fourth is CitiMortgage Inc. I found these by typing top 10 residential mortgage lenders in to my search bar.
Where can I find information and advice on residential mortgage services?
Residential mortgage services are basically just companies or banks that offer loans for buying a house. A mortgage is the monthly payment you make on your home, and banks will help you with this.
What is a commercial mortgage?
A commercial mortgage is not the same as a residential mortgage. A commercial mortgage applies to commercial buildings or businesses. Businesspeople take out commercial mortgages.
How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?
Sexytime with banker.
What are the best mortgage companies in Louisville?
There are actually a few popular ones. First Residential Mortgage, Benchmark Mortgage, and Old Colonial Mortgage are just three that are good to go with.
Can a corporation assume a residential mortgage?
Type your answer here... No, if the business is a corporation.
What types of services does Franklin Credit offer?
Franklin Credit offers a variety of real estate based services, including residential mortgage loans, and in the aquisition of residential mortgage portfolios for third parties.
what is Commercial Mortgage?
A commercial mortgage is not the same as a residential mortgage. A commercial mortgage applies to commercial buildings or businesses. Businesspeople take out commercial mortgages.
