Fixed-Rate Loans: What You Need to Know When Buying a Home in North New Hyde Park, NY
When reading up on mortgages in North New Hyde Park, you'll see words and phrases you might not be familiar with. "Fixed-rate" could be one of those terms. 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!
But what is a fixed interest 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 allows you to secure a stable rate. Fixed-rate loans often come with 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. How do fixed-rate loans compare to other home loan options in North New Hyde Park?
Fixed-Rate vs. Adjustable-Rate Loans in North New Hyde Park, NY
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. Your monthly payments could go up if the interest rate goes up at one of these intervals. 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 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.
Call for Today's Fixed-Rate Home Loan Rates in North New Hyde Park, NY
Still have questions about adjustable or fixed-rate loans? Contact Mr. Cooper to check fixed-rate mortgage rates in North New Hyde Park, NY. We have a welcoming team that is standing by to provide you with the latest rates, information, and answers to your loan and homeowner questions.
- This is not a commitment to lend. All loans are subject to credit and property approval. This offer is nontransferable and may not be combined with any other mortgage offer. Advertised offer is subject to change. If a personal code is present on the advertised offer, you must provide such code to claim the offer. We may gather information about you including, but not limited to, credit bureau information, information for verification of income, information for appraisal and verification of property being used for collateral. We also verify your identity. Income, assets, and debt must meet eligibility requirements as established by Government and/or Lender guidelines.