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Columbia, MO Fixed Home Loan Rates

Is a fixed-rate mortgage right for you? Mr. Cooper can help you decide. It's our goal to help you with the whole home-buying process.

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What to Know About Fixed-Rate Loans in Columbia, MO

When searching online for Columbia home loans, you'll come across some terms 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!

What exactly is a fixed-rate loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. 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 possible and typically include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Columbia outside of fixed-rate

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

It's a good idea to learn about all of your loan options in Columbia, including adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change 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 will adjust at particular 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 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.

Call Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Columbia

There's so much more to learn about fixed-rate and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Columbia. Friendly people are ready to answer any questions you might have about the loan and homeownership process.

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