Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term.9 t; L X* F ^8 y% k; [3 v" Y
- C) n2 p# k# e) i0 ^5 K$ e" GOpen: typically up to 5 year term. No penaly and no restrication when you choose to terminate the mortgage. So the rate is typically higher.