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Shop Fixed-Rate Mortgages in Des Moines, IA

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Fixed-Rate Loans: What You Need to Know When Buying a Home in Des Moines, IA

When searching online for Des Moines home loans, you'll come across some terms you may be unfamiliar 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 stays the same. An interest rate is what the lender charges for loaning you money. It is 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. 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 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 Des Moines outside of fixed-rate

Adjustable-Rate Loans vs. Fixed-Rate Loans in Des Moines, IA

Before committing to a loan, compare all of your options, 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 loan will come with a fixed rate for a specific period (like 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. 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.

Mr. Cooper Knows the Fixed-Rate Home Loan Rates in Des Moines, IA

There's so much more to learn about fixed-rate and adjustable-rate loans! Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Iowa. We have a welcoming team that is ready to answer any questions you might have about the loan and homeownership process.

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