Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.6 y: j3 C0 T' ^. H; t+ a, S
/ N6 b3 z4 w5 d5 A9 Z/ D7 Y6 UOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.