What to Know About Fixed-Rate Loans in Roseville, MI
When reading up on mortgages in Roseville, you'll see words and phrases you might not be familiar with. "Fixed-right" might be one of those words. 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 means your rate is locked-in and secure. Fixed-rate home loans usually have a 30-year term length. Shorter terms are available and generally include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Roseville home loan options, like an adjustable-rate loan?
Should You Go the Fixed-Rate or Adjustable-Rate Route in Roseville, MI
Fixed-rate loans are often compared to 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. 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 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. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage can offer. 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 how long you plan on living in the house, how large of a mortgage payment you qualify for, and if you could still pay for an ARM if interest rates went up, and where interest rates are headed.
Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Roseville, MI
Still have questions about adjustable or fixed-rate loans? Contact Mr. Cooper to check fixed-rate mortgage rates in Roseville, MI. Friendly folks are here to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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