Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.1 l7 B! E3 J0 t5 }+ r
6 I) E. p- Q$ }( d) [( p$ X+ ]9 d4 B6 |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.