What is a closed end loan?
It's a type of loan that once it's paid off it's closed you can't add on to this loan again.
What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?
What are the borrower's rights when a lender is requesting additional new documentation on the fourth day after the closing and has not funded the loan?
Not many..A loan is not closed until it has funded..Apparently in your case, you are not dealing with an aboveboard lender or mortgage broker..Unless you do what the lender wants, you will not get the loan..Remember..He/She who has the $$$ makes the rules..After a home loan has closed, a lender can ask you to help correct documentation, but can not change the terms of the transaction.
An installment loan is a loan that is established for a set time frame where the borrower makes consistent payments until the note (loan) is paid in full at the end of the term. A car loan is an example of an installment loan. The loan only continues for the set term (length) and you only make payments during that time frame. At the end of the term, the loan is paid in full.