
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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Get flexibility and security with a fixed open mortgage. Fixed open mortgages let you lock in a rate for a set duration of time while also letting you pay off as much of your mortgage as you want, when you want. Fixed open mortgages are a popular option for borrowers who may need to sell their home in the future or for borrowers who expect to be able to make a lump sum payment during the term.
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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.