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Shop Fixed-Rate Mortgages in Colesville, MD

Compare current mortgage interest rates and talk with Mr. Cooper in Colesville, MD to see if a fixed-rate mortgage is right for you.

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Are All Fixed-Rate Loans in Colesville, MD the Same?

When researching home loans in Colesville, you'll come across some terms you may not have heard before. "Fixed-rate" could be one of those terms. 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. 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 home loans usually have a 30-year term length. Shorter terms are possible 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 Colesville home loan options, like an adjustable-rate loan?

Fixed-Rate vs. Adjustable-Rate Loans in Colesville, MD

Fixed-rate loans are often compared to adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change 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. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. We'll help you balance the pros and cons of fixed-rate and adjustable-rate mortgages, and help you see the key factors in picking the one that is right for you, 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 Colesville, MD

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Colesville, MD. Friendly folks are standing by to guide you through the loan and homeownership process.

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