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Fixed-Rate Home Loans in St. Louis, MO

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.

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Learn the Basics When Shopping Fixed-Rate Loans in St. Louis, MO

When reading up on mortgages in St. Louis, you'll see words and phrases you may not have heard before. "Fixed-right" might be one of those words. As a company that's focused on making your path to homeownership clear and straightforward, 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 stays the same. An interest rate is an amount a lender charges for giving you money, and it's expressed as a percentage. Interest rates on home loans can vary by the day, so a fixed-rate loan means your rate is locked-in and secure. How long does the rate stay the same? Fixed-rate loans typically come with a 30-year length (term). Shorter terms are available and usually come with higher monthly payments but less overall interest paid over the life of the loan. How do fixed-rate loans compare to other home loan options in St. Louis?

Adjustable-Rate Loans vs. Fixed-Rate Loans in St. Louis, MO

It's a good idea to learn about all of your loan options in St. Louis, 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 mortgage will maintain the same rate for typically 3, 5, or 10 years, then the rate will adjust at particular intervals. Your monthly payments could go up if the interest rate goes up at one of these intervals. Talk to a Mr. Cooper mortgage professional about the protections a fixed-rate loan can offer. We'll help you understand the factors that can go into choosing between a fixed-rate and adjustable-rate mortgage, 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.

Check Current Fixed-Rate Home Loan Rates in St. Louis, MO

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Give us a call to check the most recent fixed-rate mortgage rates in St. Louis. Friendly folks are standing by to provide you with the latest rates, information, and answers to your loan and homeowner questions.

Mr. Cooper Reviews from Real Customers in St. Louis, MO

Read real stories from real Mr. Cooper home mortgage customers in St. Louis, MO. Then contact us to see what we can do for you.

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