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Shop Fixed-Rate Mortgages in Winston Salem, NC

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Learn the Basics When Shopping Fixed-Rate Loans in Winston Salem, NC

When researching home loans in Winston Salem, you'll run across some jargon you may not have heard before. "Fixed-right" might be one of those words. As a company that's driven to keep the dream of homeownership alive, Mr. Cooper is here to help simplify the steps, paperwork, and terminology that's related to buying a home!

But what is a fixed interest rate home loan? It's a mortgage with an interest rate that never changes. 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 helps you lock-in the security of a consistent rate. Fixed-rate loans often come with a 30-year term (length). Shorter terms are possible and typically come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How do fixed-rate loans compare to other home loan options in Winston Salem?

Fixed-Rate vs. Adjustable-Rate Loans in Winston Salem, NC

It's a good idea to learn about all of your loan options in Winston Salem, 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 mortgage will maintain the same rate for typically 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 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 Winston Salem, 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. We have a welcoming team that is ready to guide you through the loan and homeownership process.

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