Learn the Basics When Shopping Fixed-Rate Loans in Silverthorne, CO
When reading up on mortgages in Silverthorne, 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 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? 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. 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. Fixed-rate home loans usually have a 30-year term length. Shorter time periods are available and usually 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 Silverthorne home loan options, like an adjustable-rate loan?
Adjustable-Rate Loans vs. Fixed-Rate Loans in Silverthorne, CO
Fixed-rate loans are often compared to 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 mortgage will maintain the same rate for typically 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. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. We'll help you understand the factors that can go into choosing between a fixed-rate and adjustable-rate mortgage, like if you could still pay on an ARM if interest rates went up, how large of a mortgage payment you can qualify for, how long you plan on living in the house, and where interest rates are headed.
Call for Today's Fixed-Rate Home Loan Rates in Silverthorne, CO
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 Silverthorne. We have a welcoming team that is ready to guide you through the loan and homeownership process.
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