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Newton, IA Fixed Home Loan Rates

Compare current mortgage interest rates and talk with Mr. Cooper in Newton, IA to see if a fixed-rate mortgage is right for you.

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

When searching online for Newton home loans, you'll see words and phrases 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 on a mission to simplify every aspect of buying a house — including the words!

But what is a fixed interest rate home loan? It's a mortgage with an interest rate that never changes. 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 allows you to secure a stable rate. Fixed-rate home loans usually have a 30-year term length. Shorter terms are possible and typically come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How do fixed-rate loans compare to other home loan options in Newton?

Adjustable-Rate Loans vs. Fixed-Rate Loans in Newton, IA

Fixed-rate loans are often compared to 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 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. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan can offer. 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.

Check Current Fixed-Rate Home Loan Rates in Newton, 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 here to answer any questions you might have about the loan and homeownership process.

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