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

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

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

When searching online for Foster City home loans, you'll see words and phrases you you may never have learned about. The phrase "fixed-rate" might fall into that category. As a company that's driven to keep the dream of homeownership alive, Mr. Cooper is here to help demystify all the words and processes that go into buying a house!

What exactly is a fixed-rate loan? It's a mortgage with an interest rate that stays the same. An interest rate is what the lender charges for loaning you money. It is expressed as a percentage. Mortgage interest rates can change daily, so a fixed-rate loan helps you lock-in the security of a consistent rate. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter timeframes are possible 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 Foster City home loan options, like an adjustable-rate loan?

Fixed-Rate vs. Adjustable-Rate Loans in Foster City, CA

It's a good idea to learn about all of your loan options in Foster City, including 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 is revised at specific intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. We'll help you understand the factors that can go into choosing between a fixed-rate and adjustable-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.

Call for Today's Fixed-Rate Home Loan Rates in Foster City, CA

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in California. We have a welcoming team that is ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.

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