Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.5 k G- o1 d2 @0 w- O" J7 y3 @1 f
( _7 V# \9 |5 D: pOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.