Learn the Basics When Shopping Fixed-Rate Loans in Darien, GA
When searching online for Darien home loans, you'll see words and phrases 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!
But what is a fixed interest 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. Home loan interest rates can go up and down in the same day, so a fixed-rate loan allows you to secure a stable rate. Fixed-rate loans often come with a 30-year term (length). Shorter terms are possible and generally come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How similar is a fixed-rate loan to other Darien home loan options, like an adjustable-rate loan?
Fixed-Rate vs. Adjustable-Rate Loans in Darien, GA
It's a good idea to learn about all of your loan options in Darien, including 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 mortgage will maintain the same rate for typically 3, 5, or 10 years, then the rate will adjust at particular intervals. Your monthly payments could go up if the interest rate goes up at one of these intervals. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. 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 Darien, GA
There's so much more to learn about fixed-rate and adjustable-rate loans! Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Georgia. Friendly people are standing by to answer any questions you might have about the loan and homeownership process.
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