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Shop Fixed-Rate Mortgages in Norristown, PA

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Are All Fixed-Rate Loans in Norristown, PA the Same?

When reading up on mortgages in Norristown, you'll come across some terms you may be unfamiliar with. The phrase "fixed-rate" might fall into that category. As a company that's driven to keep 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 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 means your rate is locked-in and secure. Fixed-rate home loans usually have a 30-year term length. Shorter terms are available and typically 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 Norristown outside of fixed-rate

Fixed-Rate vs. Adjustable-Rate Loans in Norristown, PA

It's a good idea to learn about all of your loan options in Norristown, including 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. 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 is revised at specific 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 Norristown

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 Norristown. Friendly people are standing by to answer any questions you might have about the loan and homeownership process.

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