Are All Fixed-Rate Loans in Uniondale, NY the Same?
When searching online for Uniondale home loans, you'll see words and phrases you may not have heard before. The phrase "fixed-rate" might fall into that category. As a company that's focused on making your path to homeownership clear and straightforward, Mr. Cooper is here to help demystify all the words and processes that go into buying a house!
What exactly is a fixed-rate 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 home loans usually have a 30-year term length. Shorter time periods are possible and typically include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Uniondale home loan options, like an adjustable-rate loan?
Should You Go the Fixed-Rate or Adjustable-Rate Route in Uniondale, NY
It's a good idea to learn about all of your loan options in Uniondale, 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. 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 your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage 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.
Call for Today's Fixed-Rate Home Loan Rates in Uniondale, NY
Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Uniondale. We have a welcoming team that is standing by to answer any questions you might have about the loan and homeownership process.
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