What is the difference between a closed-term mortgage and an open-term mortgage?

An open term lets you pay off the mortgage in full at any time without any penalties, whereas a closed term limits the amount you can prepay. If you repay your mortgage in full during a closed term, you'd be charged an interest penalty. Closed terms are the most common term picked by customers because the interests rates offered are significantly lower than open terms. Our MogoMortgage specialists will be there to help you choose the term that works best for your goals.

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