Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.6 | x: [6 H. M# q& j$ o7 D0 [
* L* u+ f6 x5 j0 U, `, mOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.