Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.8 i: K) f$ |& W1 x3 d) y h! b/ x
0 B: @) T8 G8 K& h; x5 ]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.