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Shop Fixed-Rate Mortgages in Franklin Farm, VA

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

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Are All Fixed-Rate Loans in Franklin Farm, VA the Same?

When researching home loans in Franklin Farm, 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 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 stays the same. 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 loans often come with a 30-year term (length). Shorter terms are possible 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 Franklin Farm outside of fixed-rate

Should You Go the Fixed-Rate or Adjustable-Rate Route in Franklin Farm, VA

Fixed-rate loans are often compared to 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. 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 see how different factors can guide you in selecting between an adjustable-rate and fixed-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.

Check Current Fixed-Rate Home Loan Rates in Franklin Farm, VA

Still have questions about adjustable or fixed-rate loans? Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Virginia. Friendly people are ready to guide you through the loan and homeownership process.

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