Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term. 4 F8 s: C3 w* R( @ ! O. z- Q& X; z' {0 `' V8 E6 P. [* uOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.