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Mortgage Brokers Glossary - O
- Open Mortgage
- This allows you to pay back the borrowed funds without notice or penalty. There are two types of open mortgages:
- Fixed rate mortgages; the term is usually fairly short (6 months to a year) although themortgage.com contains some longer open terms; and the interest rate will be higher than on a closed mortgage.
- Variable Rate Mortgages (VRM's) are usually open (and are "collateral" type mortgages) but recently, several institutions have introduced closed versions.
