OPEN MORTGAGE VS CLOSED MORTGAGE - What’s the Difference? 
An Open Mortgage gives homeowners flexibility! 
Pay off your mortgage anytime
Make extra lump-sum payments
Sell or refinance without big penalties
This option is great if you plan to:
Sell your home soon
Refinance in the near future
Pay off your mortgage faster
Keep in mind: Open mortgages usually come with higher interest rates compared to closed mortgages.
A Closed Mortgage is more common because it offers lower rates, but breaking it early can result in penalties.
Not sure which mortgage option is best for you? Let’s connect and discuss your goals!
Raj Kaushal
647-504-7255
Accsell Realty Inc., Brokerage
