Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.& |0 W8 _2 Z3 i. N0 T. O
8 k, ?& P5 n# `( E1 O% m J& dOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.