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

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

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

When searching online for Irvine home loans, you'll see words and phrases you may be unfamiliar with. "Fixed-rate" could be one of those terms. As a company that's dedicated to keeping the dream of homeownership alive, Mr. Cooper is on a mission to simplify every aspect of buying a house — including the words!

But what is a fixed interest rate home loan? It's a mortgage with an interest rate that never changes. An interest rate is an amount a lender charges for giving you money, and it's 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. Fixed-rate loans often come with a 30-year term (length). Shorter terms are possible and usually include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Irvine home loan options, like an adjustable-rate loan?

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

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. An adjustable-rate mortgage will maintain the same rate for typically 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 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.

Call Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Irvine

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 Irvine. Friendly people are here to provide you with the latest rates, information, and answers to your loan and homeowner questions.

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