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Compare Fixed Home Loans in Faribault, MN

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

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What to Know About Fixed-Rate Loans in Faribault, MN

When reading up on mortgages in Faribault, you'll run across some jargon you may be unfamiliar 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!

So, what is a fixed-rate home loan? It's a mortgage with an interest rate that stays the same. 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 means your rate is locked-in and secure. Fixed-rate loans often come with a 30-year term (length). Shorter timeframes are possible and generally 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 Faribault?

Fixed-Rate vs. Adjustable-Rate Loans in Faribault, MN

Fixed-rate loans are often compared to adjustable-rate loans. An adjustable-rate mortgage (ARM) is different from a fixed-rate mortgage in that the interest rate can go up or down 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 the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up 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.

Check Current Fixed-Rate Home Loan Rates in Faribault, MN

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Faribault, MN. Friendly folks are standing by to answer any questions you might have about the loan and homeownership process.

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