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Find the Right Fixed-Rate Home Loan in Harrison, NY for You

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

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Are All Fixed-Rate Loans in Harrison, NY the Same?

When researching home loans in Harrison, you'll come across some terms you might not be familiar with. The phrase "fixed-rate" might fall into that category. As a company that's driven to keep the dream of homeownership alive, Mr. Cooper is on a mission to simplify every aspect of buying a house — including the words!

What exactly is a fixed-rate loan? It's a mortgage with an interest rate that never changes. An interest rate is an amount a lender charges for giving you money, and it's expressed as a percentage. Interest rates on home loans can vary by the day, so a fixed-rate loan means your rate is locked-in and secure. Fixed-rate home loans usually have a 30-year term length. Shorter terms are possible and usually include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Harrison outside of fixed-rate

Adjustable-Rate Loans vs. Fixed-Rate Loans in Harrison, NY

It's a good idea to learn about all of your loan options in Harrison, 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 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 understand the factors that can go into choosing between a fixed-rate and adjustable-rate mortgage, 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 Harrison

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 Harrison. We have a welcoming team that is standing by to guide you through the loan and homeownership process.

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