Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term. 3 |* ?" a4 V7 ~8 d! K' k# S! g# l9 v7 o5 }8 T1 u6 ~# M
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.