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Compare Fixed Home Loans in Lake Wales, FL

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Fixed-Rate Loans: What You Need to Know When Buying a Home in Lake Wales, FL

When reading up on mortgages in Lake Wales, you'll see words and phrases you may not have heard before. "Fixed-right" might be one of those words. 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? 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. 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 terms are an option 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 Lake Wales outside of fixed-rate

Adjustable-Rate Loans vs. Fixed-Rate Loans in Lake Wales, FL

It's a good idea to learn about all of your loan options in Lake Wales, 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 mortgage will maintain the same rate for typically 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 balance the pros and cons of fixed-rate and adjustable-rate mortgages, and help you see the key factors in picking the one that is right for you, 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.

Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Lake Wales, FL

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 Lake Wales. Friendly folks are here to answer any questions you might have about the loan and homeownership process.

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