Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term. 8 ]6 R" x; Z) d/ {. v4 _; J) Q7 Z" c# y: l' z# ]) Z9 l
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.