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

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

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Are All Fixed-Rate Loans in Lake Elsinore, CA the Same?

When searching online for Lake Elsinore 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 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!

What exactly is a fixed-rate loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. An interest rate is what the lender charges for loaning you money. It is expressed as a percentage. Interest rates on home loans can vary by the 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 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 Lake Elsinore outside of fixed-rate

Should You Go the Fixed-Rate or Adjustable-Rate Route in Lake Elsinore, CA

Before committing to a loan, compare all of your options, including 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. 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. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan 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 Lake Elsinore, 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 Lake Elsinore. Friendly folks are here to answer any questions you might have about the loan and homeownership process.

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