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Find the Right Fixed-Rate Home Loan in Bloomington, CA for You

Check the latest interest rates for fixed-rate mortgages in Bloomington, CA. Contact Mr. Cooper to learn more today.

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Learn the Basics When Shopping Fixed-Rate Loans in Bloomington, CA

When researching home loans in Bloomington, you'll come across some terms you may not have heard before. "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 never changes. An interest rate is what the lender charges for loaning you money. It is expressed as a percentage. 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. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). 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. How similar is a fixed-rate loan to other Bloomington home loan options, like an adjustable-rate loan?

Fixed-Rate vs. Adjustable-Rate Loans in Bloomington, CA

It's a good idea to learn about all of your loan options in Bloomington, including adjustable-rate loans. An adjustable-rate mortgage (ARM) is different from a fixed-rate mortgage in that the interest rate can go up or down 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 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 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 how long you plan on living in the house, how large of a mortgage payment you qualify for, and if you could still pay for an ARM if interest rates went up, and where interest rates are headed.

Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Bloomington, CA

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Bloomington. Friendly people are ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.

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