Fixed-Rate Loans: What You Need to Know When Buying a Home in La Grande, OR
When researching home loans in La Grande, you'll see words and phrases you might not be familiar with. "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 never changes. An interest rate is an amount a lender charges for giving you money, and it's expressed as a percentage. Home loan interest rates can go up and down in the same 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 time periods are an option and typically come with higher monthly payments but less overall interest paid over the life of the loan. How do fixed-rate loans compare to other home loan options in La Grande?
Comparing Adjustable-Rate and Fixed-Rate Loans in La Grande, OR
It's a good idea to learn about all of your loan options in La Grande, 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. 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 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.
Check Current Fixed-Rate Home Loan Rates in La Grande, OR
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in La Grande, OR. We have a welcoming team that is standing by to guide you through the loan and homeownership process.
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