Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term. ! F2 h* e; F0 [. W3 |" |8 S* Z# z8 R8 @: w, J6 \7 B8 _9 m' F% |: p5 s. m2 m
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.