Fixed-Rate Loans: What You Need to Know When Buying a Home in Dunn, NC
When searching online for Dunn home loans, you'll come across some terms you may be unfamiliar with. "Fixed-right" might be one of those words. As a company that's focused on making your path to homeownership clear and straightforward, Mr. Cooper is here to help simplify the steps, paperwork, and terminology that's related to buying a home!
What exactly is a fixed-rate loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. An interest rate is an amount a lender charges for giving you money, and it's expressed as a percentage. Home loan interest rates can go up and down in the same day, so a fixed-rate loan helps you lock-in the security of a consistent rate. Fixed-rate home loans usually have a 30-year term length. Shorter time periods are possible and generally come with higher monthly payments but less overall interest paid over the life of the loan. So, what other home loan options are there in Dunn outside of fixed-rate
Should You Go the Fixed-Rate or Adjustable-Rate Route in Dunn, NC
It's a good idea to learn about all of your loan options in Dunn, 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. An adjustable-rate loan will come with a fixed rate for a specific period (like 3, 5, or 10 years), then the rate is revised at specific intervals. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan can offer. We'll help you see how different factors can guide you in selecting between an adjustable-rate and fixed-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 Dunn, NC
There's so much more to learn about fixed-rate and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Dunn. We have a welcoming team that is ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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