Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term. , q2 b) S# O: `* R0 N# u, v2 C! T% E) G6 _/ |# C- L, @4 _/ e
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.