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Shop Fixed-Rate Mortgages in Troy, AL

Compare current mortgage interest rates and talk with Mr. Cooper in Troy, AL to see if a fixed-rate mortgage is right for you.

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Learn the Basics When Shopping Fixed-Rate Loans in Troy, AL

When reading up on mortgages in Troy, you'll run across some jargon you might not be familiar with. "Fixed-right" might be one of those words. As a company that's focused on making your path to homeownership clear and straightforward, Mr. Cooper is here to help demystify all the words and processes that go into buying a house!

But what is a fixed interest rate home loan? It's a mortgage with an interest rate that stays the same. 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 allows you to secure a stable rate. Fixed-rate loans often come with a 30-year term (length). Shorter timeframes are an option and usually come with bigger monthly payments but lower overall interest paid over the course of the loan's life. So, what other home loan options are there in Troy outside of fixed-rate

Fixed-Rate vs. Adjustable-Rate Loans in Troy, AL

Fixed-rate loans are often compared to adjustable-rate loans. Adjustable-rate mortgages (ARM) are different from fixed-rate mortgages as the interest rate on an adjustable-rate mortgage can fluctuate based on national indexes. An adjustable-rate loan will come with a fixed rate for a specific period (like 3, 5, or 10 years), then the rate will change at certain intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage can offer. We'll help you see how different factors can guide you in selecting between an adjustable-rate and fixed-rate mortgage, 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 Troy, AL

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Troy, AL. Friendly people are here to answer any questions you might have about the loan and homeownership process.

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