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Chapel Hill, NC Fixed Home Loan Rates

Check the latest interest rates for fixed-rate mortgages in Chapel Hill, NC. Contact Mr. Cooper to learn more today.

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Are All Fixed-Rate Loans in Chapel Hill, NC the Same?

When searching online for Chapel Hill home loans, you'll see words and phrases 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 on a mission to simplify every aspect of buying a house — including the words!

But what is a fixed interest rate home loan? It's a mortgage with an interest rate that stays the same. 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 allows you to secure a stable rate. Fixed-rate loans often come with a 30-year term (length). Shorter terms are an option and generally include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Chapel Hill home loan options, like an adjustable-rate loan?

Fixed-Rate vs. Adjustable-Rate Loans in Chapel Hill, NC

Fixed-rate loans are often compared to 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 loan will come with a fixed rate for a specific period (like 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. 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 how large of a mortgage payment you qualify for, and if you could still pay your mortgage on an ARM if interest rates went up, how long you plan on living in the house, and where interest rates are headed.

Check Current Fixed-Rate Home Loan Rates in Chapel Hill, NC

Still have questions about adjustable or fixed-rate loans? Contact Mr. Cooper to check fixed-rate mortgage rates in Chapel Hill, NC. We have a welcoming team that is ready to answer any questions you might have about the loan and homeownership process.

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