Fixed-Rate Loans: What You Need to Know When Buying a Home in Cheyenne, WY
When reading up on mortgages in Cheyenne, you'll come across some terms you might not be familiar with. 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 simplify the steps, paperwork, and terminology that's related to buying a home!
What exactly is a fixed-rate loan? "Fixed-rate" means the interest rate on your mortgage doesn't change. Interest rates, expressed as percentages, are what the lender charges for giving you money. Interest rates on home loans can vary by the day, so a fixed-rate loan means your rate is locked-in and secure. Fixed-rate home loans usually have a 30-year term length. Shorter time periods are available and typically come with bigger monthly payments but lower overall interest paid over the course of the loan's life. So, what other home loan options are there in Cheyenne outside of fixed-rate
Fixed-Rate vs. Adjustable-Rate Loans in Cheyenne, WY
Before committing to a loan, compare all of your options, including 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 mortgage will maintain the same rate for typically 3, 5, or 10 years, then the rate will adjust at particular intervals. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase too. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage 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 Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Cheyenne
Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Cheyenne. Friendly folks are ready to provide you with the latest rates, information, and answers to your loan and homeowner questions.
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