Special Offers From Mr. Cooper

Sorry, there are no offers available at this time. Check back soon!

Find the Right Fixed-Rate Home Loan in Somerset, KY 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.

Busy? Have us call you back. Call Me Back

More Information

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

When researching home loans in Somerset, you'll run across some jargon you might not be familiar with. The phrase "fixed-rate" might fall into that category. As a company that's dedicated to keeping 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 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 home loans usually have a 30-year term length. Shorter time periods are available and usually include larger monthly payments but less total interest paid over the loan's lifetime. How do fixed-rate loans compare to other home loan options in Somerset?

Should You Go the Fixed-Rate or Adjustable-Rate Route in Somerset, KY

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. 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 your interest rate increases after the fixed-rate timeframe has ended, your monthly payments might increase 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 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 Somerset, KY

Still have questions about adjustable or fixed-rate loans? Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Kentucky. We have a welcoming team that is standing by to answer any questions you might have about the loan and homeownership process.

Somerset, KY Mr. Cooper Reviews

Read reviews from actual Mr. Cooper home mortgage customers in Somerset, KY.

We're changing the face of home loans.

Work with Mr. Cooper to get pre-qualified and get into the home of your dreams.