Learn the Basics When Shopping Fixed-Rate Loans in West Fargo, ND
When reading up on mortgages in West Fargo, 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 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!
So, what is a fixed-rate home 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. 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 loans often come with a 30-year term (length). Shorter timeframes are possible and usually 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 West Fargo outside of fixed-rate
Fixed-Rate vs. Adjustable-Rate Loans in West Fargo, ND
Fixed-rate loans are often compared to 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 is revised at specific intervals. Your monthly payments could go up if the interest rate goes up at one of these intervals. 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.
Check Current Fixed-Rate Home Loan Rates in West Fargo, ND
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 West Fargo. We have a welcoming team that is ready to guide you through the loan and homeownership process.
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