What to Know About Fixed-Rate Loans in West Lafayette, IN
When researching home loans in West Lafayette, you'll come across some terms you might not be familiar 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 here to help simplify the steps, paperwork, and terminology that's related to buying a home!
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 means your rate is locked-in and secure. Fixed-rate loans often come with a 30-year term (length). Shorter time periods are possible and typically 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 West Lafayette?
Adjustable-Rate Loans vs. Fixed-Rate Loans in West Lafayette, IN
Fixed-rate loans are often compared to adjustable-rate loans. An adjustable-rate mortgage (ARM) is different from a fixed-rate mortgage in that the interest rate can go up or down 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 adjust at particular 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 understand the factors that can go into choosing between a fixed-rate and adjustable-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 West Lafayette, IN
Still have questions about adjustable or fixed-rate loans? Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Indiana. We have a welcoming team that is here to guide you through the loan and homeownership process.
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