Are All Fixed-Rate Loans in Oakleaf Plantation, FL the Same?
When reading up on mortgages in Oakleaf Plantation, you'll come across some terms you may not have heard before. The phrase "fixed-rate" might fall into that category. As a company that's dedicated to keeping 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. Mortgage interest rates can change daily, so a fixed-rate loan helps you lock-in the security of a consistent rate. Fixed-rate loans often come with a 30-year term (length). Shorter timeframes are an option and generally include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Oakleaf Plantation home loan options, like an adjustable-rate loan?
Fixed-Rate vs. Adjustable-Rate Loans in Oakleaf Plantation, FL
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 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. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. 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 for Today's Fixed-Rate Home Loan Rates in Oakleaf Plantation, 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 Oakleaf Plantation. We have a welcoming team that is here to guide you through the loan and homeownership process.
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