A mortgage that can be paid off before its maturity date without penalty or bonus is a closed mortgage.

Name: A mortgage that can be paid off before its maturity date without penalty or bonus is a closed mortgage.
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A mortgage that can be paid off before its maturity date without penalty or bonus is an open mortgage, not a closed mortgage. A closed mortgage usually has restrictions on prepayment options, and penalties or bonuses may apply if the mortgage is paid off before the agreed-upon time.

A Mortgage That Can Be Paid Off Before Its Maturity