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Compare Fixed Home Loans in Plainview, NY

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Fixed-Rate Loans: What You Need to Know When Buying a Home in Plainview, NY

When reading up on mortgages in Plainview, you'll see words and phrases you may not have heard before. "Fixed-rate" could be one of those terms. As a company that's driven to keep the dream of homeownership alive, Mr. Cooper is here to help demystify all the words and processes that go into buying a house!

So, what is a fixed-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. Interest rates on home loans can vary by the 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 generally include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Plainview outside of fixed-rate

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

It's a good idea to learn about all of your loan options in Plainview, 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 mortgage will maintain the same rate for typically 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. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. We'll help you understand the factors that can go into choosing between a fixed-rate and adjustable-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.

Check Current Fixed-Rate Home Loan Rates in Plainview, NY

There's so much more to learn about fixed-rate and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Plainview. Friendly folks are standing by to guide you through the loan and homeownership process.

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