What to Know About Fixed-Rate Loans in St. Clair Shores, MI
When searching online for St. Clair Shores home loans, you'll see words and phrases you may be unfamiliar with. "Fixed-right" might be one of those words. As a company that's dedicated to keeping the dream of homeownership alive, Mr. Cooper is here to help demystify all the words and processes that go into buying a house!
But what is a fixed interest rate home loan? It's a mortgage with an interest rate that never changes. 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 loans often come with a 30-year term (length). Shorter time periods are an option and typically come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How do fixed-rate loans compare to other home loan options in St. Clair Shores?
Adjustable-Rate Loans vs. Fixed-Rate Loans in St. Clair Shores, MI
It's a good idea to learn about all of your loan options in St. Clair Shores, 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 will change at certain intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. 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 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.
Check Current Fixed-Rate Home Loan Rates in St. Clair Shores, MI
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in St. Clair Shores, MI. Friendly folks are standing by to answer any questions you might have about the loan and homeownership process.
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