Closed end second (CES) is simply technical banking jargon for a term home equity loan. With closed-end home equity loan, or term loan, loan proceeds are provided to you as a one-time lump sum that is paid off over a set period of time (e.g. 15 years), with a fixed interest rate and equal payments each month. Once the loan amount is disbursed to you, you cannot borrow further from the loan.

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