Hi,

I am from Massachusetts. The difference between a "open-end" and "close-end" mortgage is the following:

open-end = home equity loan meaning the owner can take a draw upto a max. amt. It like having credit card with a limit.

close-end = is fixed sum loan i.e first mtg, second but all the money is given at once.

In Mass, mtgs are to be labeled "open" "home eq", you can usually tell by reading the money page on a mortgage.

I hope this help.

Len


to post a reply: login - or - register