Open Mortgage

Definition of "Open mortgage"

Michael Friedman
Michael Friedman Coldwell Banker Residential Real Estate - Downtown St. Pete

  1. A mortgage where the payments are overdue and open to a foreclosure action at any time.
  2. A mortgage not having a prepayment clause permitting the mortgagor to repay the mortgage at any time without paying a penalty.

Search Real Estate Glossary

Related Real Estate Glossary terms

Related Real Estate FAQ