What to Know About Fixed-Rate Loans in Walnut, CA
When researching home loans in Walnut, you'll run across some jargon 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 on a mission to simplify every aspect of buying a house — including the words!
What exactly is a fixed-rate loan? It's a mortgage with an interest rate that never changes. 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 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 timeframes are possible and usually include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Walnut home loan options, like an adjustable-rate loan?
Fixed-Rate vs. Adjustable-Rate Loans in Walnut, CA
Fixed-rate loans are often compared to adjustable-rate loans. Adjustable-rate mortgages (ARM) are different from fixed-rate mortgages as the interest rate on an adjustable-rate mortgage can fluctuate 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. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. 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 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 Walnut, CA
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Walnut, CA. Friendly folks are here to answer any questions you might have about the loan and homeownership process.
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