Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term. $ P0 T8 O6 q9 c. G4 e, M" \! P 1 A- e. |6 X& d' u1 A% IOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.