What to Know About Fixed-Rate Loans in Plymouth, NC
When researching home loans in Plymouth, you'll run across some jargon you may be unfamiliar with. "Fixed-right" might be one of those words. As a company that's dedicated to keeping the dream of homeownership alive, Mr. Cooper is on a mission to simplify every aspect of buying a house — including the words!
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 means your rate is locked-in and secure. Fixed-rate home loans usually have a 30-year term length. Shorter terms 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 Plymouth home loan options, like an adjustable-rate loan?
Adjustable-Rate Loans vs. Fixed-Rate Loans in Plymouth, NC
It's a good idea to learn about all of your loan options in Plymouth, 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 adjust at particular intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. 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.
Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Plymouth, NC
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Plymouth, NC. Friendly people are standing by to answer any questions you might have about the loan and homeownership process.
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