What to Know About Fixed-Rate Loans in Clearfield, UT
When reading up on mortgages in Clearfield, you'll see words and phrases you might not be familiar with. "Fixed-rate" could be one of those terms. As a company that's focused on making your path to homeownership clear and straightforward, Mr. Cooper is here to help demystify all the words and processes that go into buying a house!
But what is a fixed interest rate home loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. Interest rates, expressed as percentages, are what the lender charges for giving you money. Mortgage interest rates can change daily, 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 timeframes 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 Clearfield outside of fixed-rate
Fixed-Rate vs. Adjustable-Rate Loans in Clearfield, UT
It's a good idea to learn about all of your loan options in Clearfield, including adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change 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 understand the factors that can go into choosing between a fixed-rate and adjustable-rate mortgage, like how long you plan on living in the house, how large of a mortgage payment you qualify for, and if you could still pay for an ARM if interest rates went up, and where interest rates are headed.
Call for Today's Fixed-Rate Home Loan Rates in Clearfield, UT
Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Clearfield. Friendly folks are standing by to guide you through the loan and homeownership process.
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