Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.1 r+ x& W2 h* ^( P4 h8 @8 y3 a
! p+ y+ ?4 ^- Z7 G! WOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.