Definition : Immovable hypothec (conventional) - Closed loan

Mortgage loan that cannot be repaid in full before the end of the term, except on payment of an indemnity. It cannot thus be reimbursed more than what is provided for in the contract. This type of loan usually has a lower interest rate than the open mortgage loan.

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It is indeed a rare occurrence when a buyer pays its condo, in one single payment. Most of them must obtain a mortgage loan to finance their purchase. What are the criteria and conditions to get a mortgage loan? Whom should you get it from? Banks, credit unions or other sources? What are the policies of the major financial institutions in this market? What are the limitations when planning the financing of your new property?
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