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home > home mortgages > purchase > articles > how to move easy - part 1

How to move easy with a home purchase mortgage loan - Part one

This article will tell you how to get a home purchase mortgage loan that is easy to deal with if you want to move to a new home any time you want.

Make sure that your home purchase mortgage loan is "Open"

When you go to pick out your purchase mortgage loan for your home, if you want that loan to be no-hassle for you when you up and move to a new home - then make sure you choose a mortgage loan that's "open." What's an "open" purchase loan?

An open home purchase mortgage loan is a loan you can make prepayments on or can pay-out whenever you feel like - for free. So with an open mortgage, if you have to or just simply "want to" suddenly move to a new home, you won't have to pay your mortgage lender a 'financial penalty' for paying off your mortgage-loan on your current home before your term is up. You can just pay-off your mortgage loan on your current home, and then go out and get a new purchase mortgage-loan for your new home.

What's the catch? To get an "open" purchase mortgage loan, you do have to pay a bit of a higher rate than you would for it's opposite, the "closed" purchase loan. But if you're gung ho about it being really easy for you to move, without any extra cost for 'financial penalties' and such, then making sure your purchase mortgage-loan is "open" is the wise thing for you.

Get a home purchase mortgage loan with a short shorty term

One of the easiest ways to make your home purchase mortgage loan easy to move with, is not commit to it for very long. How do ya do this?

By choosing a short term length for your home purchase mortgage loan, you'll only have to commit to that thing for a small period of time. How short is short? Short terms are anywhere from 6 months to 5 years.

So, say you chose a term length for your purchase mortgage loan that was "one year long." That means, if you had the urge to move to a new home during your one year mortgage-term, you'd know that you wouldn't have to wait too long to be able to pay-out your current loan, and go and get a new mortgage loan for your new home. You could move, and move fast - without paying a financial penalty to your mortgage-lender, because you waited till your term was over.

Compare getting a short term, to getting a long term: say a ten year term. Can you imagine waiting ten years to move to a new home? Most people, especially if they're young, won't stay in the first or second home they buy for ten full years. There will always be another home that catches your fancy, or maybe a new job or school that requires you to move.

So if you want to be able to move in a twinkling of an eye (without the costs of paying penalties to your lender) then get a short term for your home purchase mortgage loan.

Apply online and get your home purchase loan now!

Learn more about home purchase mortgage loans. Contact The Mortgage Store Online's brokers by using the home purchase contact form or by calling them at 1-866-880-2577.

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