Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.7 B% f9 O% q/ ~. m& v3 s2 G6 d
$ f! D' }! F) D" s' V' \9 \$ HOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.