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Are All Fixed-Rate Loans in Parma, MI the Same?

When reading up on mortgages in Parma, you'll run across some jargon you you may never have learned about. "Fixed-rate" could be one of those terms. As a company that's driven to keep 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? It's a mortgage with an interest rate that stays the same. 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 helps you lock-in the security of a consistent rate. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter terms are available and typically come with higher monthly payments but less overall interest paid over the life of the loan. How do fixed-rate loans compare to other home loan options in Parma?

Fixed-Rate vs. Adjustable-Rate Loans in Parma, MI

It's a good idea to learn about all of your loan options in Parma, including 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. 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 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 Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Parma

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 here to provide you with the latest rates, information, and answers to your loan and homeowner questions.

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