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Shop Fixed-Rate Mortgages in Upper Arlington, OH

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Learn the Basics When Shopping Fixed-Rate Loans in Upper Arlington, OH

When searching online for Upper Arlington home loans, you'll come across some terms 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!

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 helps you lock-in the security of a consistent rate. Fixed-rate home loans usually have a 30-year term length. Shorter time periods are available and generally 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 Upper Arlington outside of fixed-rate

Adjustable-Rate Loans vs. Fixed-Rate Loans in Upper Arlington, OH

It's a good idea to learn about all of your loan options in Upper Arlington, 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 change at certain 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 see how different factors can guide you in selecting between an adjustable-rate and fixed-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.

Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Upper Arlington, OH

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 Upper Arlington. Friendly folks are here to guide you through the loan and homeownership process.

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