The first or second open mortgage on your home can be repaid in full before the deadline but choosing to do this leads to a penalty fee of three months interest. (mortgagebrokerstore.com)
A home equity loan is the first or second open mortgage on your home or piece of real estate. (mortgagebrokerstore.com)
For open mortgages, the borrowers have the option of paying additional amounts. (syndicatemortgages.com)