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Fixed-Rate Home Loans in College Park, MD

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

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

When searching online for College Park home loans, you'll come across some terms you you may never have learned about. The phrase "fixed-rate" might fall into that category. As a company that's focused on making your path to homeownership clear and straightforward, Mr. Cooper is here to help simplify the steps, paperwork, and terminology that's related to buying a home!

But what is a fixed interest rate home 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. Home loan interest rates can go up and down in the same day, so a fixed-rate loan helps you lock-in the security of a consistent rate. Fixed-rate home loans usually have a 30-year term length. Shorter terms are available and typically come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How similar is a fixed-rate loan to other College Park home loan options, like an adjustable-rate loan?

Should You Go the Fixed-Rate or Adjustable-Rate Route in College Park, MD

Fixed-rate loans are often compared to 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 will change at certain intervals. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage 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 Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in College Park

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 College Park. We have a welcoming team that is ready to answer any questions you might have about the loan and homeownership process.

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