What to Know About Fixed-Rate Loans in Rancho Palos Verdes, CA
When reading up on mortgages in Rancho Palos Verdes, you'll see words and phrases you may not have heard before. "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!
So, what is a fixed-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 means your rate is locked-in and secure. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter terms are an option and typically come with higher monthly payments but less overall interest paid over the life of the loan. How do fixed-rate loans compare to other home loan options in Rancho Palos Verdes?
Comparing Adjustable-Rate and Fixed-Rate Loans in Rancho Palos Verdes, 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. 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. 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.
Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Rancho Palos Verdes, 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 Rancho Palos Verdes, CA. Friendly folks are standing by to guide you through the loan and homeownership process.
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