Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.6 T9 ?# B4 |+ f3 I0 K; `) G; o
% }3 [4 ?3 z0 u7 y. NOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.