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Fixed-Rate Home Loans in Spanaway, WA

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

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Learn the Basics When Shopping Fixed-Rate Loans in Spanaway, WA

When researching home loans in Spanaway, you'll come across some terms you may not have heard before. The phrase "fixed-rate" might fall into that category. As a company that's driven to keep 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? It's a mortgage with an interest rate that stays the same. An interest rate is an amount a lender charges for giving you money, and it's expressed as a percentage. Home loan interest rates can go up and down in the same day, so a fixed-rate loan helps you lock-in the security of a consistent rate. Fixed-rate loans often come with a 30-year term (length). Shorter time periods are available and generally come with higher monthly payments but less overall interest paid over the life of the loan. How do fixed-rate loans compare to other home loan options in Spanaway?

Should You Go the Fixed-Rate or Adjustable-Rate Route in Spanaway, WA

It's a good idea to learn about all of your loan options in Spanaway, including adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change 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 is revised at specific intervals. Your monthly payments could go up if the interest rate goes up at one of these intervals. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. 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.

Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Spanaway, WA

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Washington. Friendly people are standing by to guide you through the loan and homeownership process.

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