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Fixed-Rate Loans: What You Need to Know When Buying a Home in Pelham, AL

When searching online for Pelham home loans, you'll see words and phrases you might not be familiar with. The phrase "fixed-rate" might fall into that category. As a company that's focused on making your path to homeownership clear and straightforward, Mr. Cooper is on a mission to simplify every aspect of buying a house — including the words!

What exactly is a fixed-rate loan? It's a mortgage with an interest rate that never changes. Interest rates, expressed as percentages, are what the lender charges for giving you money. Home loan interest rates can go up and down in the same day, so a fixed-rate loan means your rate is locked-in and secure. Fixed-rate home loans usually have a 30-year term length. Shorter terms are an option and typically come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How similar is a fixed-rate loan to other Pelham home loan options, like an adjustable-rate loan?

Should You Go the Fixed-Rate or Adjustable-Rate Route in Pelham, AL

Fixed-rate loans are often compared to adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change based on national indexes. If you get an adjustable-rate loan, you can count on the rate to stay the same for a certain period of time (ex. 3, 5, or 10 years), then the rate will adjust at particular intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan can offer. We'll help you balance the pros and cons of fixed-rate and adjustable-rate mortgages, and help you see the key factors in picking the one that is right for you, like if you could still pay on an ARM if interest rates went up, how large of a mortgage payment you can qualify for, how long you plan on living in the house, and where interest rates are headed.

Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Pelham, AL

There's so much more to learn about fixed-rate and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Pelham. We have a welcoming team that is standing by to answer any questions you might have about the loan and homeownership process.

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