Learn the Basics When Shopping Fixed-Rate Loans in Greenfield Town, MA
When researching home loans in Greenfield Town, you'll come across some terms you may be unfamiliar with. 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 on a mission to simplify every aspect of buying a house — including the words!
What exactly is a fixed-rate loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. An interest rate is an amount a lender charges for giving you money, and it's expressed as a percentage. Interest rates on home loans can vary by the day, so a fixed-rate loan helps you lock-in the security of a consistent rate. Fixed-rate loans often come with a 30-year term (length). Shorter timeframes are available and typically come with higher monthly payments but less overall interest paid over the life of the loan. So, what other home loan options are there in Greenfield Town outside of fixed-rate
Fixed-Rate vs. Adjustable-Rate Loans in Greenfield Town, MA
It's a good idea to learn about all of your loan options in Greenfield Town, 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 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 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.
Call for Today's Fixed-Rate Home Loan Rates in Greenfield Town, MA
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Greenfield Town, MA. Friendly people are ready to answer any questions you might have about the loan and homeownership process.
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