Fixed-Rate Loans: What You Need to Know When Buying a Home in Murrells Inlet, CT
When reading up on mortgages in Murrells Inlet, you'll come across some terms you may be unfamiliar with. "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 here to help simplify the steps, paperwork, and terminology that's related to buying a home!
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 what the lender charges for loaning you money. It is expressed as a percentage. Mortgage interest rates can change daily, 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 terms are possible and generally include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Murrells Inlet outside of fixed-rate
Adjustable-Rate Loans vs. Fixed-Rate Loans in Murrells Inlet, CT
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. An adjustable-rate loan will come with a fixed rate for a specific period (like 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 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 Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Murrells Inlet
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Connecticut. Friendly people are standing by to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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