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First Time Homebuyers 101

Congratulations!  So you are buying your first home. This can be an exciting time, but the transition and moving process can be a very stressful time! There are many things to take into consideration and to decide when buying your first home that many first home buyers don’t know or forget to consider.
There are many questions to be answered such as where, when, why, how, schools, transit, environment and so on and so on. And then the hard questions like what mortgage plan to consider!
There are a few different types of Mortgages and depending on your situation, circumstances, finances and budgets; you need to find the best one to suit your life.
Mortgage Type

Variable Rate

Mortgage with an interest rate that change with the market. The rate changes each month, meaning that the portion of your monthly payment that goes towards interest may go up or down monthly. However, your total monthly payment probably stays the same.


Mortgage you obtain when you have less than 25% of the total purchase price to make as a down payment. This type of mortgage must be insured – through sources such as CMHC or GEMI.


Mortgage with a fixed interest rate – usually lower than an open mortgage rate – and a set, unchangeable term. You cannot pay off a closed mortgage before the agreed end date without paying a penalty.


Mortgage you may change from short-term to long-term, depending on your financial situation.


Mortgage you can pay off, renew, or refinance any time. The interest rate for an open mortgage is usually higher than a closed mortgage rate.

Flexible Move understands that this really is a life changing event and we want to help.
Click on the link below to learn more about Home Buying and Mortgage Basics 101 and make your process a lot easier:
Aside from all the expenses of first home buying; Flexible Move offers an affordable, cheaper option to moving your goods from anywhere from one side of the country to the other.
To learn more click on our website and read all about it:
posted by Flexible Move @ Monday, January 17, 2011 3:32 PM   0 Comments


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