{"id":4166,"date":"2018-01-02T09:34:56","date_gmt":"2018-01-02T14:34:56","guid":{"rendered":"https:\/\/www.zolo.ca\/news\/?post_type=encyclopedia&#038;p=4166"},"modified":"2021-08-03T18:31:35","modified_gmt":"2021-08-03T22:31:35","slug":"open-or-closed","status":"publish","type":"encyclopedia","link":"https:\/\/www.zolo.ca\/blog\/glossary\/open-or-closed","title":{"rendered":"Open or Closed"},"content":{"rendered":"<p>The main difference between open and closed mortgages is the ability and restrictions on when you can pay down the principal debt. In an open mortgage, additional payments can be made at any time without penalty. Those additional payments go directly towards the principal debt and the more you reduce this debt, the less interest you pay overall. Closed mortgages carry restrictions when it comes to making additional repayments. Some closed mortgages allow repayments, but only within certain restrictions. Any other payments will incur penalties that can add up quickly.<\/p>\n","protected":false},"author":22,"template":"","meta":[],"class_list":["post-4166","encyclopedia","type-encyclopedia","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/encyclopedia\/4166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/encyclopedia"}],"about":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/types\/encyclopedia"}],"author":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/users\/22"}],"wp:attachment":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media?parent=4166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}