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Find the Right Fixed-Rate Home Loan in Minneapolis, MN for You

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

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

When reading up on mortgages in Minneapolis, you'll see words and phrases you you may never have learned about. 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. Interest rates, expressed as percentages, are what the lender charges for giving you money. Interest rates on home loans can vary by the day, so a fixed-rate loan allows you to secure a stable rate. Fixed-rate loans often come with a 30-year term (length). Shorter terms are an option 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 Minneapolis?

Should You Go the Fixed-Rate or Adjustable-Rate Route in Minneapolis, MN

It's a good idea to learn about all of your loan options in Minneapolis, including 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 loan will come with a fixed rate for a specific period (like 3, 5, or 10 years), then the rate will change at certain intervals. If the interest rate goes up after your fixed-rate period has ended, your monthly payments could go up too. Give a Mr. Cooper mortgage professional a call to learn about the confidence a fixed-rate mortgage can offer. 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 Minneapolis, 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 Minneapolis, MN. Friendly folks are ready to answer any questions you might have about the loan and homeownership process.

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