Can anyone tell me what an open end mortgage is? What is the difference between that and a conventional mortgage?

Great question: Open ended mortgages other wise known as home equity lines of credit (aka-second mortgage, line of credit, equity line etc... are mortgages in which you may borrow up to the line limit if there is room to borrow.Think of them as revolving tradeline similar to credit cards. when you pay doen the balance you know have equity in which you can borrow at a later date. Every time you borrow a sum of money it is treated as a new line with in the mortgage usually is an interest only payment. close ended mortgages are fixed amounts of money that you borrow and pay back over a fixed period of time with no ability to borrow additional funds on that lien or mortgage

An open end mortgage allows the borrower to increase the amount of the mortgage at a later time. Open-end mortgages permit the borrower to go back to the lender and borrow more money if certain conditions have been met. There is usually a set dollar limit on the additional amount that can be borrowed. A conventional mortgage is a type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. About 35-50% of mortgages, depending on market conditions and consumer trends, are conventional mortgages. In other words, Fannie Mae and Freddie Mac guarantee or purchase 35-50% of all mortgages. Conventional mortgages may be fixed-rate or adjustable-rate mortgages.