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A closed mortgage comes with restrictions or penalties for paying off the balance or renegotiating before the mortgage term ends. Because they are not as flexible as an open mortgage, the interest rates are lower than an open mortgage. At the same time, because the rates are lower there are more restrictions.

With most closed mortgages you can still make extra payments, refinance, or break the mortgage before the end of the term, but you just have to pay a big penalty.

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