Selecting the right mortgage involves not only the term length but also understanding the difference between open and closed mortgages.
Let's dive in:

Short-term (1-3 years) mortgages offer flexibility and potentially lower interest rates, while mid-term (4-5 years) mortgages provide a balance between stability and adaptability.

Offering flexibility, open mortgages allow for extra payments or full repayment at any time without penalties. However, they typically come with higher interest rates.

Closed mortgages have lower interest rates but restrict additional payments and early payoffs. Breaking your mortgage term early can result in substantial penalties.
Carefully consider your financial goals, future plans, and risk tolerance when selecting a mortgage term and type.