Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.& U/ }6 Y, j2 E" J" M' p v
: U* a6 Z% ~( Q- K) F4 R% l8 X$ ]Open: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.