Are All Fixed-Rate Loans in Waycross, GA the Same?
When reading up on mortgages in Waycross, you'll run across some jargon you might not be familiar 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? It's a mortgage with an interest rate that never changes. An interest rate is an amount a lender charges for giving you money, and it's 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 timeframes are an option and usually include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Waycross home loan options, like an adjustable-rate loan?
Adjustable-Rate Loans vs. Fixed-Rate Loans in Waycross, GA
It's a good idea to learn about all of your loan options in Waycross, 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. If you get an adjustable-rate loan, you can count on the rate to stay the same for a certain period of time (ex. 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 large of a mortgage payment you qualify for, and if you could still pay your mortgage on an ARM if interest rates went up, how long you plan on living in the house, and where interest rates are headed.
Call for Today's Fixed-Rate Home Loan Rates in Waycross, GA
Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Waycross. We have a welcoming team that is standing by to guide you through the loan and homeownership process.
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