Fixed-Rate Loans: What You Need to Know When Buying a Home in Poplar Bluff, MO
When researching home loans in Poplar Bluff, you'll come across some terms you you may never have learned about. "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!
But what is a fixed interest rate home loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. Interest rates, expressed as percentages, are what the lender charges for giving you money. 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 home loans usually have a 30-year term length. Shorter terms are possible 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 Poplar Bluff outside of fixed-rate
Fixed-Rate vs. Adjustable-Rate Loans in Poplar Bluff, MO
Fixed-rate loans are often compared to adjustable-rate loans. An adjustable-rate mortgage (ARM) is different from a fixed-rate mortgage in that the interest rate can go up or down 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 your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. We'll help you balance the pros and cons of fixed-rate and adjustable-rate mortgages, and help you see the key factors in picking the one that is right for you, 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 Poplar Bluff
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Poplar Bluff, MO. Friendly people are ready to guide you through the loan and homeownership process.
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