Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.* @: z% i1 k& \7 A% I2 g3 J7 ]
8 w0 E0 j9 O; O7 _: ~# VOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.