Learn the Basics When Shopping Fixed-Rate Loans in Bellair-Meadowbrook Terrace, FL
When reading up on mortgages in Bellair-Meadowbrook Terrace, you'll see words and phrases you might not be familiar with. "Fixed-right" might be one of those words. As a company that's driven to keep the dream of homeownership alive, 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. Home loan interest rates can go up and down in the same day, so a fixed-rate loan helps you lock-in the security of a consistent rate. 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 Bellair-Meadowbrook Terrace outside of fixed-rate
Adjustable-Rate Loans vs. Fixed-Rate Loans in Bellair-Meadowbrook Terrace, FL
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. 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 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 for Today's Fixed-Rate Home Loan Rates in Bellair-Meadowbrook Terrace, FL
Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Bellair-Meadowbrook Terrace. We have a welcoming team that is here to guide you through the loan and homeownership process.
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