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Thomasville, NC Fixed Home Loan Rates

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

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

When reading up on mortgages in Thomasville, you'll run across some jargon 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!

So, what is a fixed-rate home loan? It's a mortgage with an interest rate that never changes. An interest rate is an amount a lender charges for giving you money, and it's expressed as a percentage. 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 home loans usually have a 30-year term length. Shorter time periods are an option and typically 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 Thomasville outside of fixed-rate

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

Before committing to a loan, compare all of your options, including 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 mortgage will maintain the same rate for typically 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. 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 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 Thomasville, NC

Still have questions about adjustable or fixed-rate loans? Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in North Carolina. Friendly folks are standing by to answer any questions you might have about the loan and homeownership process.

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