An open mortgage means you can pay off the mortgage or transfer it to another financial institution at any time, penalty-free.
Typically, open mortgages have a variable interest rate, meaning the rate can go up or down as market rates change.
A closed mortgage means you are locked into a fixed term. Terms range from 6 months to 5 years.
If you pay off your mortgage or transfer it to another financial institution before the end of the term, you will pay a pre-payment penalty.
Closed mortgages can have a fixed rate or a variable rate.
Contact us to review which mortgage option is better for you.
