What to Know About Fixed-Rate Loans in Lilburn, GA
When researching home loans in Lilburn, you'll run across some jargon you might not be familiar with. "Fixed-right" might be one of those words. 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. 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 terms are available and generally include larger monthly payments but less total interest paid over the loan's lifetime. How do fixed-rate loans compare to other home loan options in Lilburn?
Comparing Adjustable-Rate and Fixed-Rate Loans in Lilburn, 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 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.
Call Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Lilburn
Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Lilburn. Friendly folks are here to guide you through the loan and homeownership process.
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