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Shop Fixed-Rate Mortgages in Pensacola, FL

Check the latest interest rates for fixed-rate mortgages in Pensacola, FL. Contact Mr. Cooper to learn more today.

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

When searching online for Pensacola home loans, you'll see words and phrases you may not have heard before. "Fixed-rate" could be one of those terms. 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!

But what is a fixed interest rate home loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. 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 allows you to secure a stable rate. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter terms are possible 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 Pensacola outside of fixed-rate

Fixed-Rate vs. Adjustable-Rate Loans in Pensacola, FL

Fixed-rate loans are often compared to adjustable-rate loans. Adjustable-rate mortgages (ARM) are different from fixed-rate mortgages as the interest rate on an adjustable-rate mortgage can fluctuate 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. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan can offer. We'll help you understand the factors that can go into choosing between a fixed-rate and adjustable-rate mortgage, like if you could still pay on an ARM if interest rates went up, how large of a mortgage payment you can qualify for, how long you plan on living in the house, and where interest rates are headed.

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

There's so much more to learn about fixed-rate and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Pensacola, FL. We have a welcoming team that is here to guide you through the loan and homeownership process.

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