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Generally, an open mortgage is the opposite of a closed mortgage in that it has no prepayment penalty and is normally more flexible. Usually open mortgages are for shorter terms (e.g., six months, one or two years), and they usually come with higher interest rates because the lender is aware that you may pay back the loan early. Many lenders let you convert an open mortgage to a closed mortgage at some point in the future, although you may have to pay a fee to do so.