Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.0 i0 G ?: G) R; r! B2 z' ~9 b8 T
6 i/ m6 h; ]- I9 ^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.