Learn the Basics When Shopping Fixed-Rate Loans in Staten Island, NY
When searching online for Staten Island home loans, 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 demystify all the words and processes that go into buying a house!
But what is a fixed interest rate home 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. Interest rates on home loans can vary by the day, so a fixed-rate loan helps you lock-in the security of a consistent rate. Fixed-rate loans often come with a 30-year term (length). Shorter time periods are an option and generally come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How similar is a fixed-rate loan to other Staten Island home loan options, like an adjustable-rate loan?
Fixed-Rate vs. Adjustable-Rate Loans in Staten Island, 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. 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 adjust at particular intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. We'll help you balance the pros and cons of fixed-rate and adjustable-rate mortgages, and help you see the key factors in picking the one that is right for you, 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 Staten Island, NY
Still have questions about adjustable or fixed-rate loans? Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in New York. Friendly folks are here to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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