Learn the Basics When Shopping Fixed-Rate Loans in De Pere, WI
When reading up on mortgages in De Pere, you'll see words and phrases you may be unfamiliar with. The phrase "fixed-rate" might fall into that category. 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!
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 means your rate is locked-in and secure. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter timeframes are possible and typically include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other De Pere home loan options, like an adjustable-rate loan?
Comparing Adjustable-Rate and Fixed-Rate Loans in De Pere, WI
It's a good idea to learn about all of your loan options in De Pere, including adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change 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. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. 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 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.
Mr. Cooper Knows the Fixed-Rate Home Loan Rates in De Pere, WI
Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in De Pere. Friendly folks are standing by to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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