Learn before you turn to buy a mortgage!
There are many types of mortgages available to first time home buyers.
Fixed Rate MortgageYour interest rate will not change throughout your entire term of your mortgage.
Variable Rate MortgageYour interest rate may fluctuate time to time with the prime rate changes.
Your down payment is greater than 20% of valuation of the property, You don’t require paying for mortgage default insurance.
High Ratio Mortgage
Your down payment is less than 20% of valuation of the property, Your mortgage must insured against payment default by a mortgage insurer.
An open mortgage allows you to pay any amount toward your mortgage at any time.
Closed MortgageA closed mortgage requires you to pay set payments at set times.