What to Know About Fixed-Rate Loans in Springfield, MO
When reading up on mortgages in Springfield, 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 driven to keep the dream of homeownership alive, Mr. Cooper is here to help simplify the steps, paperwork, and terminology that's related to buying a home!
So, what is a fixed-rate home loan? It's a mortgage with an interest rate that stays the same. 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. Fixed-rate loans often come with a 30-year term (length). Shorter time periods are an option and typically come with bigger monthly payments but lower overall interest paid over the course of the loan's life. So, what other home loan options are there in Springfield outside of fixed-rate
Should You Go the Fixed-Rate or Adjustable-Rate Route in Springfield, MO
It's a good idea to learn about all of your loan options in Springfield, 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 change at certain intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage can offer. We'll help you see how different factors can guide you in selecting between an adjustable-rate and fixed-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 for Today's Fixed-Rate Home Loan Rates in Springfield, MO
There's so much more to learn about fixed-rate 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 here to guide you through the loan and homeownership process.
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