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Shop Fixed-Rate Mortgages in Cave Spring, VA

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Learn the Basics When Shopping Fixed-Rate Loans in Cave Spring, VA

When searching online for Cave Spring home loans, you'll come across some terms you you may never have learned about. "Fixed-right" might be one of those words. As a company that's dedicated to keeping the dream of homeownership alive, 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 allows you to secure a stable rate. Fixed-rate home loans usually have a 30-year term length. Shorter timeframes are an option and usually include larger monthly payments but less total interest paid over the loan's lifetime. So, what other home loan options are there in Cave Spring outside of fixed-rate

Adjustable-Rate Loans vs. Fixed-Rate Loans in Cave Spring, VA

It's a good idea to learn about all of your loan options in Cave Spring, 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 mortgage will maintain the same rate for typically 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. 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 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 Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Cave Spring

There's so much more to learn about fixed-rate and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Cave Spring, VA. Friendly folks are standing by to guide you through the loan and homeownership process.

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