Are All Fixed-Rate Loans in Clarkstown, NY the Same?
When reading up on mortgages in Clarkstown, you'll come across some terms you may not have heard before. "Fixed-right" might be one of those words. As a company that's dedicated to keeping 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. 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 time periods are available and typically 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 Clarkstown outside of fixed-rate
Fixed-Rate vs. Adjustable-Rate Loans in Clarkstown, NY
It's a good idea to learn about all of your loan options in Clarkstown, 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 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. 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 Clarkstown, NY
There's so much more to learn about fixed-rate and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Clarkstown, NY. We have a welcoming team that is ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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