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

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

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What to Know About Fixed-Rate Loans in Millbrae, CA

When reading up on mortgages in Millbrae, you'll see words and phrases you might not be familiar with. "Fixed-rate" could be one of those terms. As a company that's driven to keep the dream of homeownership alive, Mr. Cooper is on a mission to simplify every aspect of buying a house — including the words!

So, what is a fixed-rate home 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. Mortgage interest rates can change daily, so a fixed-rate loan helps you lock-in the security of a consistent rate. Fixed-rate loans often come with a 30-year term (length). Shorter terms are an option and usually include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Millbrae outside of fixed-rate

Comparing Adjustable-Rate and Fixed-Rate Loans in Millbrae, CA

Fixed-rate loans are often compared to 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. An adjustable-rate loan will come with a fixed rate for a specific period (like 3, 5, or 10 years), then the rate will adjust at particular intervals. Your monthly payments could go up if the interest rate goes up at one of these intervals. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage can offer. We'll help you understand the factors that can go into choosing between a fixed-rate and adjustable-rate mortgage, like how large of a mortgage payment you qualify for, and if you could still pay your mortgage on an ARM if interest rates went up, how long you plan on living in the house, and where interest rates are headed.

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

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. Friendly folks are ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.

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