An open mortgage is a type of mortgage that allows the borrower to make extra payments or pay off the mortgage in full at any time without incurring a penalty. In Ontario, open mortgages are typically offered by banks and other financial institutions as a way for borrowers to have more flexibility and control over their mortgage payments.

Open mortgages may have fixed or variable interest rates, and the terms and conditions of the mortgage will depend on the lender and the borrower's financial situation. Borrowers may be able to make extra payments or pay off their mortgage in full at any time without incurring a penalty, but they may also be required to pay a higher interest rate for this flexibility.

Open mortgages may be suitable for borrowers who want the flexibility to make extra payments or pay off their mortgage in full at any time, but it's important for borrowers to be aware that open mortgages may have higher interest rates than closed mortgages, which do not allow for early repayment without a penalty.