Learn the Basics When Shopping Fixed-Rate Loans in Pearl, MS
When searching online for Pearl home loans, you'll see words and phrases you may not have heard before. "Fixed-rate" could be one of those terms. As a company that's dedicated to keeping the dream of homeownership alive, Mr. Cooper is on a mission to simplify every aspect of buying a house — including the words!
What exactly is a fixed-rate loan? It's a mortgage with an interest rate that stays the same. Interest rates, expressed as percentages, are what the lender charges for giving you money. Mortgage interest rates can change daily, 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 possible and usually include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Pearl home loan options, like an adjustable-rate loan?
Fixed-Rate vs. Adjustable-Rate Loans in Pearl, MS
It's a good idea to learn about all of your loan options in Pearl, including adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change 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. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. We'll help you understand the factors that can go into choosing between a fixed-rate and adjustable-rate mortgage, 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.
Check Current Fixed-Rate Home Loan Rates in Pearl, MS
Still have questions about adjustable or fixed-rate loans? Contact Mr. Cooper to check fixed-rate mortgage rates in Pearl, MS. We have a welcoming team that is ready to answer any questions you might have about the loan and homeownership process.
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