Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.9 W4 j8 ]4 ?) s/ m0 s3 w3 D) T2 R
0 q9 @4 E/ j" S( h0 eOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.