What to Know About Fixed-Rate Loans in Cornelius, NC
When reading up on mortgages in Cornelius, you'll run across some jargon you might not be familiar with. "Fixed-rate" could be one of those terms. 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!
What exactly is a fixed-rate 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. Interest rates on home loans can vary by the 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 time periods are an option and usually include larger monthly payments but less total interest paid over the loan's lifetime. How do fixed-rate loans compare to other home loan options in Cornelius?
Adjustable-Rate Loans vs. Fixed-Rate Loans in Cornelius, NC
It's a good idea to learn about all of your loan options in Cornelius, including adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change 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 is revised at specific intervals. Your monthly payments could go up if the interest rate goes up at one of these intervals. 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 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.
Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Cornelius, NC
Still have questions about adjustable or fixed-rate loans? Contact Mr. Cooper to check fixed-rate mortgage rates in Cornelius, NC. Friendly people are here to guide you through the loan and homeownership process.