Fixed-Rate Loans: What You Need to Know When Buying a Home in Bowling Green, KY
When reading up on mortgages in Bowling Green, 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 here to help simplify the steps, paperwork, and terminology that's related to buying a home!
So, what is a fixed-rate home 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 means your rate is locked-in and secure. Fixed-rate home loans usually have 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. How similar is a fixed-rate loan to other Bowling Green home loan options, like an adjustable-rate loan?
Should You Go the Fixed-Rate or Adjustable-Rate Route in Bowling Green, KY
It's a good idea to learn about all of your loan options in Bowling Green, including 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. 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. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. 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.
Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Bowling Green, KY
Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Bowling Green. Friendly folks are here to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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