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Shop Fixed-Rate Mortgages in Garden City, NY

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

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Learn the Basics When Shopping Fixed-Rate Loans in Garden City, NY

When searching online for Garden City home loans, 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 focused on making your path to homeownership clear and straightforward, 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 what the lender charges for loaning you money. It is expressed as a percentage. 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. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter time periods are possible and typically come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How do fixed-rate loans compare to other home loan options in Garden City?

Comparing Adjustable-Rate and Fixed-Rate Loans in Garden City, NY

Fixed-rate loans are often compared to 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 will change at certain intervals. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase 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 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 Garden City, NY

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Garden City, NY. We have a welcoming team that is here to guide you through the loan and homeownership process.

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