Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term. 0 H$ A. w- k0 ^$ |' e- G: p3 J8 v" D+ B3 b5 t8 ?: h
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.