Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.. L& D# `; k# ^2 ~, z. r: O% R$ r
' |3 R& ^* A, d2 m/ B: @* }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.