Open mortgage – This lets you pay off your mortgage in full or in part at any time without any penalties.
Closed mortgage – Offers limited (or no) options to pay off your mortgage early in full or in part, but it usually has a lower interest rate.
Open mortgage – This lets you pay off your mortgage in full or in part at any time without any penalties.
Closed mortgage – Offers limited (or no) options to pay off your mortgage early in full or in part, but it usually has a lower interest rate.