Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.) G# q# w G% O, ]
2 p L- W& D7 r- P. U6 l2 d8 |4 Z/ z" bOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.