Fixed-Rate Loans: What You Need to Know When Buying a Home in Pembroke Pines, FL
When reading up on mortgages in Pembroke Pines, you'll run across some jargon you may be unfamiliar with. "Fixed-rate" could be one of those terms. 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!
So, what is a fixed-rate home loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. Interest rates, expressed as percentages, are what the lender charges for giving you money. Interest rates on home loans can vary by the 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 usually come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How do fixed-rate loans compare to other home loan options in Pembroke Pines?
Should You Go the Fixed-Rate or Adjustable-Rate Route in Pembroke Pines, FL
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. 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. 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 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.
Check Current Fixed-Rate Home Loan Rates in Pembroke Pines, FL
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Pembroke Pines, FL. Friendly people are here to guide you through the loan and homeownership process.
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