Closed Mortgage definition

Closed Mortgage means a hypothecary loan which limits how you can prepay the Secured Amounts and fixes what prepayment charges you will be charged if you do prepay.
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Closed Mortgage. A mortgage that the Bank purchases from the PFI which is owned by the PFI prior to such purchase and owned by the Bank after such purchase and which was previously made or purchased by the PFI.
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Closed Mortgage means a Mortgage which limits how you can prepay the Outstanding Amount and fixes what Prepayment charges you will be charged, if you do prepay.
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Examples of Closed Mortgage in a sentence

  • Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20%, or 10% for a BMO Smart Fixed Closed Mortgage, of the instalment just before the increase.

  • If the Mortgage is a Closed Mortgage you may, once in each twelve month period starting on the Interest Adjustment Date or the anniversary of that date, pay up to 10% of the Principal Amount.

  • Any type of mortgage product except a BMO Smart Fixed Closed Mortgage: Re-borrowing5.3.

  • If you have a Closed Mortgage, you may pay off more than 10% of the Principal Amount, but you promise to pay a Prepayment charge on the entire amount of the Prepayment.

  • Payment of the purchase price for each Closed Mortgage under this Contract shall be made by the Bank crediting the PFI’s DDA as provided in the Guides.

  • You can prepay part of what is owed as follows: • The total of what you prepay under this section 5.10.1 in any calendar year cannot be more than: • 10% of the original amount of the loan, if you have a BMO Smart Fixed Closed Mortgage; or • 20% of the original amount of the loan, if you have any other mortgage product.

  • The term you may convert to is: a fixed rate Closed Mortgage having a term of 1 year or longer at the Posted Rate for the term you choose.

  • The term and mortgage type you may convert to is: a fixed rate Closed Mortgage having a term that is longer than the remaining term of the Mortgage immediately prior to the conversion date.

  • For a BMO Smart Fixed Closed Mortgage, you cannot prepay unless:  you sell the property to an unrelated purchaser for fair market value; and  at the same time, you also pay us a prepayment charge as described in section 5.10.2.1 or 5.10.2.2 as applicable.

  • You can prepay part of what is owed as follows: The total of what you prepay under this section 9.10.1 in any calendar year cannot be more than: 10% of the original amount of the loan, if you have a BMO Smart Fixed Closed Mortgage; or 20% of the original amount of the loan, if you have any other mortgage product.

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