Fixed-Rate Loans: What You Need to Know When Buying a Home in Issaquah, WA
When researching home loans in Issaquah, you'll see words and phrases you might not be familiar with. "Fixed-right" might be one of those words. As a company that's focused on making your path to homeownership clear and straightforward, Mr. Cooper is on a mission to simplify every aspect of buying a house — including the words!
So, what is a fixed-rate home loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. An interest rate is an amount a lender charges for giving you money, and it's expressed as a percentage. 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 timeframes are an option and generally come with higher monthly payments but less overall interest paid over the life of the loan. How similar is a fixed-rate loan to other Issaquah home loan options, like an adjustable-rate loan?
Fixed-Rate vs. Adjustable-Rate Loans in Issaquah, WA
Before committing to a loan, compare all of your options, 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. If you get an adjustable-rate loan, you can count on the rate to stay the same for a certain period of time (ex. 3, 5, or 10 years), then the rate will adjust at particular intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan 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 for Today's Fixed-Rate Home Loan Rates in Issaquah, WA
Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Issaquah. Friendly people are here to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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