Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term. 1 Y, n) p. u; s+ G' X7 O1 _7 z( w; I. s- G' y( V1 x3 W" a. N
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.