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Shop Fixed-Rate Mortgages in Morrisville, NC

Compare current mortgage interest rates and talk with Mr. Cooper in Morrisville, NC to see if a fixed-rate mortgage is right for you.

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What to Know About Fixed-Rate Loans in Morrisville, NC

When reading up on mortgages in Morrisville, you'll come across some terms you may not have heard before. The phrase "fixed-rate" might fall into that category. 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!

What exactly is a fixed-rate loan? It's a mortgage with an interest rate that stays the same. An interest rate is what the lender charges for loaning you money. It is expressed as a percentage. Mortgage interest rates can change daily, so a fixed-rate loan allows you to secure a stable rate. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter time periods are available and usually come with higher monthly payments but less overall interest paid over the life of the loan. How similar is a fixed-rate loan to other Morrisville home loan options, like an adjustable-rate loan?

Fixed-Rate vs. Adjustable-Rate Loans in Morrisville, NC

It's a good idea to learn about all of your loan options in Morrisville, 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 change at certain 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 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.

Check Current Fixed-Rate Home Loan Rates in Morrisville, NC

Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Morrisville. Friendly folks are here to provide you with the latest rates, information, and answers to your loan and homeowner questions.

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