Which term should I choose for a fixed-rate mortgage, open or closed?

Consult our table to compare the features of open and closed terms for a fixed mortgage.

  Open Closed
What does it mean?

You can pay off your mortgage more quickly without penalty.

There is normally a prepayment charge if you make extra payments before the end of the term. Accelerated payments can be made without penalty under certain conditions.

A good option if:

You are planning to sell the property or make a large payment, for example if you expect to receive an inheritance

You are planning to keep the property until the end of the term.

Rate

See all rates

Often higher

Often lower

 

Related questions

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