{"id":10835,"date":"2024-01-12T00:33:04","date_gmt":"2024-01-12T05:33:04","guid":{"rendered":"https:\/\/myratecompass.ca\/blog\/?p=10835"},"modified":"2025-05-15T17:11:36","modified_gmt":"2025-05-15T21:11:36","slug":"open-vs-closed-mortgage","status":"publish","type":"post","link":"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/","title":{"rendered":"Open Vs Closed Mortgage: Which Is The Better Option For You?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/#What_Is_A_Mortgage\" title=\"What Is A Mortgage? \">What Is A Mortgage? <\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/#What_Is_An_Open_Mortgage\" title=\"What Is An Open Mortgage? \">What Is An Open Mortgage? <\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/#The_Pros_Of_An_Open_Mortgage\" title=\"The Pros Of An Open Mortgage:\">The Pros Of An Open Mortgage:<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/#The_Cons_Of_An_Open_Mortgage\" title=\"The Cons Of An Open Mortgage: \">The Cons Of An Open Mortgage: <\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/#What_is_a_Closed_Mortgage\" title=\"What is a Closed Mortgage? \">What is a Closed Mortgage? <\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/#The_Pros_Of_A_Closed_Mortgage\" title=\"The Pros Of A Closed Mortgage: \">The Pros Of A Closed Mortgage: <\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/#The_Cons_Of_A_Closed_Mortgage\" title=\"The Cons Of A Closed Mortgage: \">The Cons Of A Closed Mortgage: <\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/#Factors_To_Consider_When_Choosing_Between_An_Open_Or_Closed_Mortgage\" title=\"Factors To Consider When Choosing Between An Open Or Closed Mortgage\">Factors To Consider When Choosing Between An Open Or Closed Mortgage<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/#Conclusion_Making_The_Right_Mortgage_Decision_For_Your_Financial_Future\" title=\"Conclusion: Making The Right Mortgage Decision For Your Financial Future \">Conclusion: Making The Right Mortgage Decision For Your Financial Future <\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10835\" class=\"elementor elementor-10835\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8bd02bf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8bd02bf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9cf881e\" data-id=\"9cf881e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e2f9301 elementor-widget elementor-widget-text-editor\" data-id=\"e2f9301\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>For most of us, buying a property is a significant financial decision. A critical aspect of this process is choosing the right mortgage to finance the property. There are two main types of mortgages &#8211; <i>open <\/i>or <i>closed<\/i>. <b>This article outlines the pros and cons of each type of mortgage and explores how each one could benefit you based on your financial goals<\/b>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d96677c elementor-widget elementor-widget-heading\" data-id=\"d96677c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"What_Is_A_Mortgage\"><\/span><b>What Is A Mortgage? <\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9858769 elementor-widget elementor-widget-text-editor\" data-id=\"9858769\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>A <b>mortgage <\/b>is a loan provided by a lender or bank to help you purchase a property or house. The property serves as collateral, and the borrower repays the loan, with interest, over a predetermined period. The two most common types of mortgages are <b>open <\/b>and <b>closed <\/b>mortgages. Each type of mortgage offers pros and cons. The next section outlines everything you need to know about <b>open <\/b>mortgages:\u00a0\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f5fc5f elementor-widget elementor-widget-heading\" data-id=\"2f5fc5f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"What_Is_An_Open_Mortgage\"><\/span><b>What Is An Open Mortgage? <\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e50d87b elementor-widget elementor-widget-text-editor\" data-id=\"e50d87b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>An open mortgage is a type of home loan that allows the borrower to make <b>additional payments<\/b> toward the principal amount at any time <b>without incurring penalties <\/b>such as prepayment charges<b>.<\/b> This flexibility means you can pay off your mortgage sooner if you have extra funds.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc9f66d elementor-widget elementor-widget-heading\" data-id=\"fc9f66d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Pros_Of_An_Open_Mortgage\"><\/span><b>The Pros Of An Open Mortgage:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-279e74a elementor-widget elementor-widget-text-editor\" data-id=\"279e74a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>Flexibility<\/b>: An open mortgage means you don\u2019t need to commit to paying off your home mortgage at an agreed-upon time &#8211; you can pay it off <b>sooner <\/b>if your finances improve over time. <\/li><li>\u00a0<\/li><li><b>Available for long and short-term periods<\/b>: You can choose how long you\u2019d like to commit to an open mortgage based on whatever works best for you. <\/li><li>\u00a0<\/li><li><b>No prepayment penalties<\/b>: A prepayment penalty is a penalty charged for paying off a loan earlier than expected. Since an open mortgage allows for early payment, these charges do not apply. <\/li><li>\u00a0<\/li><\/ul><p><b>Saves costs over time<\/b>: If you pay off your home earlier, you avoid the long-term financial costs of paying off a house over a longer period.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6f0e82 elementor-widget elementor-widget-heading\" data-id=\"b6f0e82\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Cons_Of_An_Open_Mortgage\"><\/span><b>The Cons Of An Open Mortgage: <\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2396528 elementor-widget elementor-widget-text-editor\" data-id=\"2396528\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>Higher interest rates<\/b>: Because of its flexibility, open mortgages have higher interest rates than closed mortgages. In Canada, the average yearly <b>fixed interest<\/b> rate for an open mortgage is <b>9.75%. <br \/><\/b><\/li><li><b>\u00a0<\/b><\/li><li><b>Might pay more<\/b>: If you don\u2019t pay off your mortgage earlier you may end up paying much more for your property than if you chose a closed mortgage. <\/li><li>\u00a0<\/li><\/ul><p>Open mortgages allow you more financial flexibility, but their high interest rates can be a deterrent if you have a tight budget. With this in mind, a closed mortgage may offer a better option. <b>The next section covers the basics of closed mortgages.<\/b>\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ccfb884 elementor-widget elementor-widget-heading\" data-id=\"ccfb884\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"What_is_a_Closed_Mortgage\"><\/span><b>What is a Closed Mortgage? <\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-603bf35 elementor-widget elementor-widget-text-editor\" data-id=\"603bf35\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>A closed mortgage has fixed payment terms. You&#8217;re committed to a <b>set schedule<\/b>, and any attempts to pay off the loan before the end of the term can result in prepayment penalties. While this option offers less flexibility, it does come with lower interest rates and its own set of pros and cons.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3180cb3 elementor-widget elementor-widget-heading\" data-id=\"3180cb3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Pros_Of_A_Closed_Mortgage\"><\/span><b>The Pros Of A Closed Mortgage: <\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7f78ff1 elementor-widget elementor-widget-text-editor\" data-id=\"7f78ff1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>Lower interest rate<\/b>: The typical <b>fixed interest<\/b> rate of a closed mortgage in Canada is <b>7.89%<\/b> for a year-long contract. This can be a more manageable payment if your budget is smaller. <\/li><li>\u00a0<\/li><li><b>Limited prepayment options<\/b>: While open mortgages don\u2019t come with prepayment penalties, closed mortgages often include a permissible yearly amount you can pay penalty-free. <\/li><li>\u00a0<\/li><\/ul><p><b>Stability<\/b>: Closed mortgages are perfect for those who value stability and predictability in their budget. Knowing how much you need to pay monthly and for how long can help you plan for a long-term future with much more specificity.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-126fd6e elementor-widget elementor-widget-heading\" data-id=\"126fd6e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"The_Cons_Of_A_Closed_Mortgage\"><\/span><b>The Cons Of A Closed Mortgage: <\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4c8f5cd elementor-widget elementor-widget-text-editor\" data-id=\"4c8f5cd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>Prepayment penalties:<\/b> Unfortunately, you have limited options for paying off your loan earlier if you go with a closed mortgage, and attempting to pay it off early comes with expensive penalties.<\/li><li>\u00a0<\/li><li><b>Cannot refinance or sell your home: <\/b>While you are still paying off your closed mortgage, you cannot <a href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/how-to-refinance-a-mortgage-in-canada-a-comprehensive-guide\/\" target=\"_blank\" rel=\"noopener\">refinance<\/a> or sell your home unless you are willing to pay additional penalties or fees.<\/li><li>\u00a0<\/li><\/ul><p>While a closed mortgage may seem daunting due to its lack of flexibility, it is also <b>the most popular choice of mortgage<\/b> due to its lower interest rates and predictable payment schedule. Now that you know the pros and cons of each type of mortgage, <b>how do you choose between the two?<\/b> The next section offers a few factors to consider.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-47468d0 elementor-widget elementor-widget-heading\" data-id=\"47468d0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Factors_To_Consider_When_Choosing_Between_An_Open_Or_Closed_Mortgage\"><\/span><b>Factors To Consider When Choosing Between An Open Or Closed Mortgage<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9340257 elementor-widget elementor-widget-text-editor\" data-id=\"9340257\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>It can be tough to choose the right mortgage for you, below are a few things to consider during the process:\u00a0<\/p><ul><li><b>Financial future:<\/b> If you expect a significant increase in income, a promotion, or an inheritance, an open mortgage might be a good fit.<\/li><li>\u00a0<\/li><li><b>Predictability<\/b>: If you prefer a fixed repayment schedule with a pre-determined due date, a closed mortgage is most likely the best choice.<\/li><li>\u00a0<\/li><li><b>Interest rates<\/b>: Open and Closed <a href=\"https:\/\/myratecompass.ca\/mortgages\" target=\"_blank\" rel=\"noopener\">mortgage interest rates<\/a> differ by roughly 2%, but that 2% can make a massive difference in the payments you make. Consider which option is most viable for you.<\/li><li>\u00a0<\/li><li><b>Potential penalties:<\/b> If you plan to sell your home or refinance in the near future, an open mortgage would provide more flexibility.<\/li><li>\u00a0<\/li><\/ul><p>If you\u2019re still unsure which option to choose, consider seeking <b>professional advice<\/b>. A <b>mortgage broker<\/b> or <b>financial advisor<\/b> can both offer valuable financial insights and help determine the best choice for you. While it can be costly to pay for a consultation, an informed decision can save you money in the long term.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b9fca6 elementor-widget elementor-widget-heading\" data-id=\"9b9fca6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Conclusion_Making_The_Right_Mortgage_Decision_For_Your_Financial_Future\"><\/span><b>Conclusion: Making The Right Mortgage Decision For Your Financial Future <\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89570ab elementor-widget elementor-widget-text-editor\" data-id=\"89570ab\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Choosing between an open or closed mortgage requires thorough research and consideration of your financial situation. An open mortgage offers financial flexibility and may suit buyers whose finances are set to improve over time, while a closed mortgage offers stability and peace of mind for home buyers who don\u2019t mind paying steadily until the agreed-upon due date.\u00a0<\/p><p>Whatever you end up choosing, remember &#8211; at the end of the day owning your own property is a step towards securing your financial future.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1b310e9 elementor-widget elementor-widget-image\" data-id=\"1b310e9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mortgage.mohamedkonate.ca\/mortgage-services\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"750\" height=\"209\" src=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1.png\" class=\"attachment-large size-large wp-image-15494\" alt=\"\" srcset=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1.png 924w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-300x83.png 300w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-768x214.png 768w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-397x110.png 397w\" sizes=\"(max-width: 750px) 100vw, 750px\" style=\"width:100%;height:27.81%;max-width:924px\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span> For most of us, buying a property is a significant financial decision. A critical aspect of this process is choosing the right mortgage to finance the property. There are two main types of mortgages &#8211; open or closed. This article outlines the pros and cons of each type of mortgage and explores how each one&hellip; <a class=\"more-link\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/open-vs-closed-mortgage\/\">Continue reading <span class=\"screen-reader-text\">Open Vs Closed Mortgage: Which Is The Better Option For You?<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":10837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[8],"tags":[21],"class_list":["post-10835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-blog-post-template-1-main-template-to-use","entry"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future-375x250.jpg",375,250,true]},"post_excerpt_stackable":"<p>Table of Contents What Is A Mortgage? What Is An Open Mortgage? The Pros Of An Open Mortgage:The Cons Of An Open Mortgage: What is a Closed Mortgage? The Pros Of A Closed Mortgage: The Cons Of A Closed Mortgage: Factors To Consider When Choosing Between An Open Or Closed MortgageConclusion: Making The Right Mortgage Decision For Your Financial Future Reading Time: 4 Min For most of us, buying a property is a significant financial decision. A critical aspect of this process is choosing the right mortgage to finance the property. There are two main types of mortgages &#8211; open&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future-375x250.jpg",375,250,true]},"post_excerpt_stackable_v2":"<p>Table of Contents What Is A Mortgage? What Is An Open Mortgage? The Pros Of An Open Mortgage:The Cons Of An Open Mortgage: What is a Closed Mortgage? The Pros Of A Closed Mortgage: The Cons Of A Closed Mortgage: Factors To Consider When Choosing Between An Open Or Closed MortgageConclusion: Making The Right Mortgage Decision For Your Financial Future Reading Time: 4 Min For most of us, buying a property is a significant financial decision. A critical aspect of this process is choosing the right mortgage to finance the property. There are two main types of mortgages &#8211; open&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info_v2":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num_v2":"0 comments","jetpack_featured_media_url":"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Open-Vs-Closed-Mortgage-Which-Is-The-Better-Option-For-Your-Financial-Future.jpg","_links":{"self":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/10835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/comments?post=10835"}],"version-history":[{"count":26,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/10835\/revisions"}],"predecessor-version":[{"id":15509,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/10835\/revisions\/15509"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media\/10837"}],"wp:attachment":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media?parent=10835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/categories?post=10835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/tags?post=10835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}