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Shop Fixed-Rate Mortgages in Pace, FL

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Learn the Basics When Shopping Fixed-Rate Loans in Pace, FL

When researching home loans in Pace, you'll run across some jargon you may be unfamiliar with. 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!

So, what is a fixed-rate home loan? It's a mortgage with an interest rate that stays the same. 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 helps you lock-in the security of a consistent rate. Fixed-rate home loans usually have a 30-year term length. Shorter timeframes are available and generally come with higher monthly payments but less overall interest paid over the life of the loan. So, what other home loan options are there in Pace outside of fixed-rate

Fixed-Rate vs. Adjustable-Rate Loans in Pace, 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. An adjustable-rate loan will come with a fixed rate for a specific period (like 3, 5, or 10 years), then the rate is revised at specific intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. We'll help you see how different factors can guide you in selecting between an adjustable-rate and fixed-rate mortgage, 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.

Check Current Fixed-Rate Home Loan Rates in Pace, FL

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Pace. Friendly folks are here to answer any questions you might have about the loan and homeownership process.

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