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Shop Fixed-Rate Mortgages in Somers, NY

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

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Learn the Basics When Shopping Fixed-Rate Loans in Somers, NY

When researching home loans in Somers, you'll see words and phrases you may be unfamiliar with. "Fixed-right" might be one of those words. 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? "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 allows you to secure a stable rate. Fixed-rate loans often come with a 30-year term (length). Shorter timeframes are possible and usually come with higher monthly payments but less overall interest paid over the life of the loan. How similar is a fixed-rate loan to other Somers home loan options, like an adjustable-rate loan?

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

It's a good idea to learn about all of your loan options in Somers, 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 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. 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 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 Somers, NY

There's so much more to learn about fixed-rate and adjustable-rate loans! Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in New York. Friendly people are standing by to provide you with the latest rates, information, and answers to your loan and homeowner questions.

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