Learn the Basics When Shopping Fixed-Rate Loans in Sunnyvale, CA
When researching home loans in Sunnyvale, you'll run across some jargon you may be unfamiliar with. The phrase "fixed-rate" might fall into that category. 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!
So, what is a fixed-rate home loan? It's a mortgage with an interest rate that stays the same. Interest rates, expressed as percentages, are what the lender charges for giving you money. Interest rates on home loans can vary by the day, so a fixed-rate loan allows you to secure a stable rate. Fixed-rate home loans usually have a 30-year term length. Shorter time periods are possible and usually include larger monthly payments but less total interest paid over the loan's lifetime. How do fixed-rate loans compare to other home loan options in Sunnyvale?
Fixed-Rate vs. Adjustable-Rate Loans in Sunnyvale, CA
It's a good idea to learn about all of your loan options in Sunnyvale, 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. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. 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 Sunnyvale, CA
There's so much more to learn about fixed-rate and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Sunnyvale. Friendly people are ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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