Are All Fixed-Rate Loans in Paducah, KY the Same?
When reading up on mortgages in Paducah, you'll come across some terms you may not have heard before. "Fixed-right" might be one of those words. As a company that's focused on making your path to homeownership clear and straightforward, Mr. Cooper is on a mission to simplify every aspect of buying a house — including the words!
So, what is a fixed-rate home loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. An interest rate is what the lender charges for loaning you money. It is 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 an option and usually include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Paducah outside of fixed-rate
Should You Go the Fixed-Rate or Adjustable-Rate Route in Paducah, KY
It's a good idea to learn about all of your loan options in Paducah, 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. An adjustable-rate loan will come with a fixed rate for a specific period (like 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 understand the factors that can go into choosing between a fixed-rate and adjustable-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.
Check Current Fixed-Rate Home Loan Rates in Paducah, KY
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Paducah. Friendly people are ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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