What to Know About Fixed-Rate Loans in Orange, CA
When reading up on mortgages in Orange, you'll see words and phrases you you may never have learned about. "Fixed-rate" could be one of those terms. As a company that's focused on making your path to homeownership clear and straightforward, 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 never changes. 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 loans often come with a 30-year term (length). Shorter timeframes are an option and typically include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Orange outside of fixed-rate
Comparing Adjustable-Rate and Fixed-Rate Loans in Orange, CA
It's a good idea to learn about all of your loan options in Orange, 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. 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 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.
Call for Today's Fixed-Rate Home Loan Rates in Orange, CA
There's so much more to learn about fixed-rate and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Orange, CA. We have a welcoming team that is here to answer any questions you might have about the loan and homeownership process.
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