Fixed-Rate Loans: What You Need to Know When Buying a Home in Mableton, GA
When reading up on mortgages in Mableton, you'll come across some terms you may be unfamiliar with. "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!
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. Interest rates on home loans can vary by the 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 an option and typically include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Mableton outside of fixed-rate
Comparing Adjustable-Rate and Fixed-Rate Loans in Mableton, GA
Before committing to a loan, compare all of your options, 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 loan will come with a fixed rate for a specific period (like 3, 5, or 10 years), then the rate will change at certain intervals. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage 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.
Check Current Fixed-Rate Home Loan Rates in Mableton, GA
Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Mableton. Friendly people are standing by to guide you through the loan and homeownership process.
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