Closed Mortgage (1 to 5-year terms are most common but can go as high as 10+ years):These types of mortgages have structured repayment schedules with specific amounts due on a weekly or monthly basis. They usually have the lowest interest rate available but cannot be prepaid or discharged before the end of the term without having to pay a significant penalty. Ideal for purchasers who need to lock in their mortgage costs for long-term cash flow planning. While most closed mortgages have lower interest rates and pre-payment privileges such as 10% anniversary payments or monthly double-up payment, they do not have the complete repayment flexibility found in open mortgages. Quelle "Closed Mortgage" : General Main page for "Closed Mortgage"