What to Know About Fixed-Rate Loans in Old Jamestown, MO
When reading up on mortgages in Old Jamestown, you'll see words and phrases you may be unfamiliar with. The phrase "fixed-rate" might fall into that category. 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!
But what is a fixed interest rate home 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. Home loan interest rates can go up and down in the same day, so a fixed-rate loan helps you lock-in the security of a consistent rate. Fixed-rate loans often come with a 30-year term (length). Shorter terms are possible and usually come with higher monthly payments but less overall interest paid over the life of the loan. So, what other home loan options are there in Old Jamestown outside of fixed-rate
Should You Go the Fixed-Rate or Adjustable-Rate Route in Old Jamestown, MO
It's a good idea to learn about all of your loan options in Old Jamestown, 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 mortgage will maintain the same rate for typically 3, 5, or 10 years, then the rate will change at certain 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 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 Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Old Jamestown
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 standing by to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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