Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term. 3 s3 {( {1 Z4 A+ v8 W0 A! m( v% [. E6 V( V+ m! A8 Z
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.