
Six common mistakes first-time homebuyers make
First-time buyers can be more prone to make mistakes because they don’t have as much experience.
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Want the security of knowing your mortgage rates won’t increase anytime soon? Like the predictability of payments that stay the same every month? If you answered yes to both questions, then you’ll want a fixed closed mortgage.
Fixed closed mortgages bring you peace of mind: they're simple and easy to understand, and your rates stay the same for the duration of your selected term.
In today’s market, you'll find that fixed closed mortgages also offer remarkably low interest rates. And, as an added benefit of this type of mortgage, most lenders let you make yearly lump-sum payments, which means you can actually become mortgage-free ahead of schedule.
You can get started by selecting a fixed rate mortgage product from the rate chart above.
First-time buyers can be more prone to make mistakes because they don’t have as much experience.
Neither is consistently cheaper than the other, but they do have meaningful differences.