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Shop Fixed-Rate Mortgages in Bridgeton, MO

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Are All Fixed-Rate Loans in Bridgeton, MO the Same?

When reading up on mortgages in Bridgeton, you'll come across some terms you may be unfamiliar with. The phrase "fixed-rate" might fall into that category. As a company that's driven to keep 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? "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. Home loan interest rates can go up and down in the same day, so a fixed-rate loan allows you to secure a stable rate. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter time periods are available and usually include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Bridgeton outside of fixed-rate

Comparing Adjustable-Rate and Fixed-Rate Loans in Bridgeton, MO

It's a good idea to learn about all of your loan options in Bridgeton, 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 adjust at particular 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 see how different factors can guide you in selecting between an adjustable-rate and fixed-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.

Call for Today's Fixed-Rate Home Loan Rates in Bridgeton, MO

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 Missouri. 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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