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Shop Fixed-Rate Mortgages in West Warwick, RI

Compare current mortgage interest rates and talk with Mr. Cooper in West Warwick, RI to see if a fixed-rate mortgage is right for you.

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What to Know About Fixed-Rate Loans in West Warwick, RI

When researching home loans in West Warwick, you'll come across some terms you may not have heard before. 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. Interest rates, expressed as percentages, are what the lender charges for giving you money. Interest rates on home loans can vary by the day, so a fixed-rate loan means your rate is locked-in and secure. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter time periods are an option 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 West Warwick outside of fixed-rate

Adjustable-Rate Loans vs. Fixed-Rate Loans in West Warwick, RI

It's a good idea to learn about all of your loan options in West Warwick, 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 loan will come with a fixed rate for a specific period (like 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. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage can offer. 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.

Call for Today's Fixed-Rate Home Loan Rates in West Warwick, RI

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in West Warwick, RI. We have a welcoming team that is here to guide you through the loan and homeownership process.

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