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What to Know About Fixed-Rate Loans in Merrick, NY

When reading up on mortgages in Merrick, you'll run across some jargon you you may never have learned about. "Fixed-right" might be one of those words. As a company that's driven to keep the dream of homeownership alive, Mr. Cooper is here to help simplify the steps, paperwork, and terminology that's related to buying a home!

But what is a fixed interest rate home loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. 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 means your rate is locked-in and secure. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter terms are possible and typically include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Merrick outside of fixed-rate

Comparing Adjustable-Rate and Fixed-Rate Loans in Merrick, NY

It's a good idea to learn about all of your loan options in Merrick, 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 mortgage will maintain the same rate for typically 3, 5, or 10 years, then the rate will change at certain intervals. Your monthly payments could go up if the interest rate goes up at one of these intervals. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. We'll help you see how different factors can guide you in selecting between an adjustable-rate and fixed-rate mortgage, like if you could still pay on an ARM if interest rates went up, how large of a mortgage payment you can qualify for, how long you plan on living in the house, and where interest rates are headed.

Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Merrick, NY

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 York. Friendly people are here to guide you through the loan and homeownership process.

Mr. Cooper Reviews from Real Customers in Merrick, NY

Take it from these happy Mr. Cooper mortgage customers in Merrick, NY: We love helping homeowners. Call now to see how we can serve you.

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