Special Offers From Mr. Cooper

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

Shop Fixed-Rate Mortgages in St. Cloud, MN

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 St. Cloud, MN

When searching online for St. Cloud home loans, you'll come across some terms 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 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? "Fixed-rate" means the interest rate on your mortgage doesn't change. 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 timeframes are possible and generally include larger monthly payments but less total interest paid over the loan's lifetime. How similar is a fixed-rate loan to other St. Cloud home loan options, like an adjustable-rate loan?

Adjustable-Rate Loans vs. Fixed-Rate Loans in St. Cloud, MN

It's a good idea to learn about all of your loan options in St. Cloud, including adjustable-rate loans. Unlike a fixed-rate loan, the interest rate on an adjustable-rate mortgage (ARM) may change 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. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan can offer. We'll help you balance the pros and cons of fixed-rate and adjustable-rate mortgages, and help you see the key factors in picking the one that is right for you, 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.

Call Mr. Cooper for Fixed-Rate & Adjustable-Rate Loan Questions in St. Cloud

There's so much more to learn about fixed-rate and adjustable-rate loans! Call a Mr. Cooper professional to check today's fixed-rate mortgage rates in Minnesota. We have a welcoming team that is here to answer any questions you might have about the loan and homeownership process.

Mr. Cooper Reviews for St. Cloud, MN

Read reviews from actual Mr. Cooper home mortgage customers in St. Cloud, MN.

We see home loans differently. We see them through your eyes.

Let Mr. Cooper help you prequalify for a mortgage and get the keys to your dream home.