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Shop Fixed-Rate Mortgages in Howell, NJ

Compare current mortgage interest rates and talk with Mr. Cooper in Howell, NJ to see if a fixed-rate mortgage is right for you.

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Learn the Basics When Shopping Fixed-Rate Loans in Howell, NJ

When researching home loans in Howell, you'll see words and phrases you you may never have learned about. "Fixed-rate" could be one of those terms. As a company that's focused on making your path to homeownership clear and straightforward, 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. 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 time periods are an option and usually come with higher monthly payments but less overall interest paid over the life of the loan. How similar is a fixed-rate loan to other Howell home loan options, like an adjustable-rate loan?

Adjustable-Rate Loans vs. Fixed-Rate Loans in Howell, NJ

Before committing to a loan, compare all of your options, including adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change 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 is revised at specific intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan can offer. 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 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 Howell

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 New Jersey. We have a welcoming team that is ready to guide you through the loan and homeownership process.

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