Are All Fixed-Rate Loans in Bardstown, KY the Same?
When researching home loans in Bardstown, you'll run across some jargon you may not have heard before. "Fixed-right" might be one of those words. As a company that's focused on making your path to homeownership clear and straightforward, 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 what the lender charges for loaning you money. It is expressed as a percentage. Mortgage interest rates can change daily, so a fixed-rate loan allows you to secure a stable rate. Fixed-rate loans often come with a 30-year term (length). Shorter timeframes are possible and generally come with higher monthly payments but less overall interest paid over the life of the loan. How do fixed-rate loans compare to other home loan options in Bardstown?
Adjustable-Rate Loans vs. Fixed-Rate Loans in Bardstown, KY
Fixed-rate loans are often compared to 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 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. Your monthly payments could go up if the interest rate goes up at one of these intervals. 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 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.
Check Current Fixed-Rate Home Loan Rates in Bardstown, KY
There's so much more to learn about fixed-rate and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in Bardstown. We have a welcoming team that is standing by to answer any questions you might have about the loan and homeownership process.
- This is not a commitment to lend. All loans are subject to credit and property approval. This offer is nontransferable and may not be combined with any other mortgage offer. Advertised offer is subject to change. If a personal code is present on the advertised offer, you must provide such code to claim the offer. We may gather information about you including, but not limited to, credit bureau information, information for verification of income, information for appraisal and verification of property being used for collateral. We also verify your identity. Income, assets, and debt must meet eligibility requirements as established by Government and/or Lender guidelines.