What to Know About Fixed-Rate Loans in Mukilteo, WA
When searching online for Mukilteo home loans, 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 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!
What exactly is a fixed-rate loan? It's a mortgage with an interest rate that never changes. 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. Fixed-rate loans often come with a 30-year term (length). Shorter terms are available and usually 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 Mukilteo home loan options, like an adjustable-rate loan?
Comparing Adjustable-Rate and Fixed-Rate Loans in Mukilteo, WA
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. 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. Your monthly payments could go up if the interest rate goes up at one of these intervals. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan 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 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 Mukilteo, WA
We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Mukilteo, WA. Friendly people are ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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