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Shop Fixed-Rate Mortgages in Novato, CA

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

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

When reading up on mortgages in Novato, you'll come across some terms you may be unfamiliar with. "Fixed-right" might be one of those words. As a company that's dedicated to keeping the dream of homeownership alive, Mr. Cooper is here to help demystify all the words and processes that go into buying a house!

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 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 time periods are available and usually come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How do fixed-rate loans compare to other home loan options in Novato?

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

Before committing to a loan, compare all of your options, 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. 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. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage can offer. We'll help you see how different factors can guide you in selecting between an adjustable-rate and fixed-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.

Check Current Fixed-Rate Home Loan Rates in Novato, CA

Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Novato. Friendly folks are here to answer any questions you might have about the loan and homeownership process.

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