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Compare Fixed Home Loans in Nicholasville, KY

Check the latest interest rates for fixed-rate mortgages in Nicholasville, KY. Contact Mr. Cooper to learn more today.

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

When reading up on mortgages in Nicholasville, 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 here to help simplify the steps, paperwork, and terminology that's related to buying a home!

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. Home loan interest rates can go up and down in the same day, so a fixed-rate loan allows you to secure a stable 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 usually 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 Nicholasville?

Comparing Adjustable-Rate and Fixed-Rate Loans in Nicholasville, KY

It's a good idea to learn about all of your loan options in Nicholasville, 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. 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 change at certain intervals. If your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase 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 for Today's Fixed-Rate Home Loan Rates in Nicholasville, KY

Still have questions about adjustable or fixed-rate loans? Give us a call to check the most recent fixed-rate mortgage rates in Nicholasville. Friendly folks are here to answer any questions you might have about the loan and homeownership process.

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