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Find the Right Fixed-Rate Home Loan in Zionsville, IN for You

Is a fixed-rate mortgage right for you? Mr. Cooper can help you decide. It's our goal to help you with the whole home-buying process.

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What to Know About Fixed-Rate Loans in Zionsville, IN

When reading up on mortgages in Zionsville, you'll run across some jargon you may be unfamiliar with. "Fixed-right" might be one of those words. 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. 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 helps you lock-in the security of a consistent rate. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter timeframes are an option and generally 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 Zionsville outside of fixed-rate

Adjustable-Rate Loans vs. Fixed-Rate Loans in Zionsville, IN

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. 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 the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Call a Mr. Cooper mortgage specialist. Ask about the protections of a fixed-rate loan. We'll help you understand the factors that can go into choosing between a fixed-rate and adjustable-rate mortgage, like if you could still pay on an ARM if interest rates went up, how large of a mortgage payment you can qualify for, how long you plan on living in the house, and where interest rates are headed.

Call Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in Zionsville

There's so much more to learn about fixed-rate and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Zionsville, IN. Friendly folks are standing by to guide you through the loan and homeownership process.

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