Fixed-Rate Loans: What You Need to Know When Buying a Home in Rome, NY
When searching online for Rome home loans, you'll run across some jargon 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. Interest rates, expressed as percentages, are what the lender charges for giving you money. Mortgage interest rates can change daily, so a fixed-rate loan means your rate is locked-in and secure. Fixed-rate loans often come with a 30-year term (length). Shorter terms are available and usually include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Rome home loan options, like an adjustable-rate loan?
Should You Go the Fixed-Rate or Adjustable-Rate Route in Rome, NY
It's a good idea to learn about all of your loan options in Rome, 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. If you get an adjustable-rate loan, you can count on the rate to stay the same for a certain period of time (ex. 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 understand the factors that can go into choosing between a fixed-rate and adjustable-rate mortgage, 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.
Check Current Fixed-Rate Home Loan Rates in Rome, NY
There's so much more to learn about fixed-rate and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Rome, NY. Friendly folks are here to answer any questions you might have about the loan and homeownership process.
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