Fixed-Rate Loans: What You Need to Know When Buying a Home in Forest Park, GA
When researching home loans in Forest Park, you'll see words and phrases you you may never have learned about. "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. 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 time periods are possible and generally include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Forest Park outside of fixed-rate
Should You Go the Fixed-Rate or Adjustable-Rate Route in Forest Park, GA
It's a good idea to learn about all of your loan options in Forest Park, including 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. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. 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 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 Forest Park, GA
There's so much more to learn about fixed-rate and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Forest Park. Friendly people are standing by to answer any questions you might have about the loan and homeownership process.
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