An open mortgage is one with flexible options to increase your mortgage repayments, either by increasing your regular payments or via a lump sum.
A closed mortgage, on the other hand, will penalize you for paying off all or part of your mortgage early.
While prepayment penalties can be significant, closed mortgages also come with much lower interest rates than open mortgages.When we assess which mortgage is the right fit for you, we not only look at the rate but the terms to ensure you are getting exactly what you need!
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