Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.1 T& W @/ r; \7 N2 _6 e( @" }& E
3 x+ O3 D% M( B# D$ z- @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.