Close: typically fix 5 year term. Penalty may apply when you terminate before the end of the term. / @9 _6 o5 X9 Q0 `4 @" C# E2 k* L6 |4 \. {- _: q9 f5 w
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.