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Compare Fixed Home Loans in Covington, GA

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

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Fixed-Rate Loans: What You Need to Know When Buying a Home in Covington, GA

When researching home loans in Covington, you'll come across some terms you may not have heard before. "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!

What exactly is a fixed-rate 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. 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 time periods are possible and usually come with higher monthly payments but less overall interest paid over the life of the loan. How similar is a fixed-rate loan to other Covington home loan options, like an adjustable-rate loan?

Fixed-Rate vs. Adjustable-Rate Loans in Covington, GA

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. 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. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan can offer. We'll help you see how different factors can guide you in selecting between an adjustable-rate and fixed-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.

Call Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Covington

Still have questions about adjustable or fixed-rate loans? Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Georgia. We have a welcoming team that is here to provide you with the latest rates, information, and answers to your loan and homeowner questions.

Mr. Cooper Reviews for Covington, GA

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