What to Know About Fixed-Rate Loans in Avon, NC
When researching home loans in Avon, you'll come across some terms you may not have heard before. "Fixed-rate" could be one of those terms. 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!
So, what is a fixed-rate home loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. An interest rate is what the lender charges for loaning you money. It is expressed as a percentage. Home loan interest rates can go up and down in the same day, 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 timeframes are an option and usually include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Avon outside of fixed-rate
Comparing Adjustable-Rate and Fixed-Rate Loans in Avon, NC
It's a good idea to learn about all of your loan options in Avon, including adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change based on national indexes. An adjustable-rate loan will come with a fixed rate for a specific period (like 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 see how different factors can guide you in selecting between an adjustable-rate and fixed-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.
Call for Today's Fixed-Rate Home Loan Rates in Avon, NC
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Avon. Friendly people are ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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