Open and closed mortgages
What's the difference?
Open mortgages
An open mortgage can be paid off in part or in full at any time with no additional charges. It can also be converted to another mortgage type at any time without prepayment charges. While open mortgages offer the most flexibility, they generally have a higher interest rate. An open mortgage might be right for you if you are looking to pay off your mortgage in the near future.
Closed mortgages
These are the most popular type of mortgage as they generally offer lower interest rates than open mortgages. A closed mortgage has prepayment charges if you choose to pay it off prior to maturity, refinance your home or transfer your mortgage to another lender. A closed mortgage might be right for you if you are looking to keep your interest costs to a minimum and pay down your mortgage faster.
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