Learn the Basics When Shopping Fixed-Rate Loans in Flint, MI
When searching online for Flint home loans, you'll come across some terms you may be unfamiliar with. "Fixed-rate" could be one of those terms. As a company that's dedicated to keeping 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? "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 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 typically include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Flint home loan options, like an adjustable-rate loan?
Should You Go the Fixed-Rate or Adjustable-Rate Route in Flint, MI
Before committing to a loan, compare all of your options, 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 mortgage will maintain the same rate for typically 3, 5, or 10 years, then the rate is revised at specific intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up 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 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 Flint, MI
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Michigan. We have a welcoming team that is ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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