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Find the Right Fixed-Rate Home Loan in Holladay, UT for You

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

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What to Know About Fixed-Rate Loans in Holladay, UT

When reading up on mortgages in Holladay, you'll see words and phrases you you may never have learned about. "Fixed-right" might be one of those words. 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!

But what is a fixed interest rate home 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. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter terms are an option and generally include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other Holladay home loan options, like an adjustable-rate loan?

Fixed-Rate vs. Adjustable-Rate Loans in Holladay, UT

Fixed-rate loans are often compared to 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 mortgage will maintain the same rate for typically 3, 5, or 10 years, then the rate is revised at specific intervals. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. 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.

Check Current Fixed-Rate Home Loan Rates in Holladay, UT

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Holladay. Friendly people are ready to answer any questions you might have about the loan and homeownership process.

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