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Find the Right Fixed-Rate Home Loan in Corvallis, OR for You

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

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Fixed-Rate Loans: What You Need to Know When Buying a Home in Corvallis, OR

When reading up on mortgages in Corvallis, you'll see words and phrases you may be unfamiliar with. The phrase "fixed-rate" might fall into that category. 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? It's a mortgage with an interest rate that never changes. 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 home loans usually have a 30-year term length. Shorter timeframes are available and typically include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Corvallis home loan options, like an adjustable-rate loan?

Adjustable-Rate Loans vs. Fixed-Rate Loans in Corvallis, OR

It's a good idea to learn about all of your loan options in Corvallis, 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. If you get an adjustable-rate loan, you can count on the rate to stay the same for a certain period of time (ex. 3, 5, or 10 years), then the rate will adjust at particular intervals. Your monthly payments could go up if the interest rate goes up at one of these intervals. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan can offer. 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.

Call Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Corvallis

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Oregon. Friendly folks are here to answer any questions you might have about the loan and homeownership process.

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