Robert McLister·General·May 21, 2012Closed Mortgage A mortgage agreement that cannot be repaid, refinanced or renegotiated until maturity, unless otherwise stated in its terms. In practice, most closed mortgages can be broken before maturity if you pay a penalty, but not all. Partial Source: CAAMP Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.