DCHP-2

closed mortgage DCHP-2 (October 2016)

• n. — Finance, Administration

  a mortgage with a fixed-term interest rate and limited prepayment options.

  Type: 5. Frequency — The term closed mortgage is more frequent in Canada than in the US (see Chart 1). It also has a long history in the Canadian finance sector, going back at least to the early days of the 20th century (see the 1909 and 1911 quotations), so that its extension to consumer mortgages in the post-war period is consistent with established banking terminology (see Royal Bank of Canada reference).
  See also COD-2, s.v. "closed" (4), which is marked "Cdn".

  See also: convertible mortgage