Learn the Basics When Shopping Fixed-Rate Loans in Woodland, CA
When reading up on mortgages in Woodland, you'll see words and phrases 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!
But what is a fixed interest rate home loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. 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 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 timeframes are available and typically come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How similar is a fixed-rate loan to other Woodland home loan options, like an adjustable-rate loan?
Comparing Adjustable-Rate and Fixed-Rate Loans in Woodland, CA
Fixed-rate loans are often compared to adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change 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 is revised at specific 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 large of a mortgage payment you qualify for, and if you could still pay your mortgage on an ARM if interest rates went up, how long you plan on living in the house, and where interest rates are headed.
Call Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Woodland
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Woodland, CA. Friendly people are standing by to answer any questions you might have about the loan and homeownership process.
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