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Fixed-Rate Home Loans in Paterson, NJ

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

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What to Know About Fixed-Rate Loans in Paterson, NJ

When researching home loans in Paterson, you'll see words and phrases you may not have heard before. 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 here to help demystify all the words and processes that go into buying a house!

What exactly is a fixed-rate 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. Mortgage interest rates can change daily, 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 an option and usually 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 Paterson outside of fixed-rate

Comparing Adjustable-Rate and Fixed-Rate Loans in Paterson, NJ

Before committing to a loan, compare all of your options, including 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 adjust at particular 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 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 Paterson

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Paterson. We have a welcoming team that is here to provide you with the latest rates, information, and answers to your loan and homeowner questions.

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