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Find the Right Fixed-Rate Home Loan in Canton, SD for You

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

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Learn the Basics When Shopping Fixed-Rate Loans in Canton, SD

When researching home loans in Canton, you'll run across some jargon you may not have heard before. "Fixed-rate" could be one of those terms. 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 never changes. An interest rate is an amount a lender charges for giving you money, and it's expressed as a percentage. Home loan interest rates can go up and down in the same day, so a fixed-rate loan helps you lock-in the security of a consistent 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 do fixed-rate loans compare to other home loan options in Canton?

Comparing Adjustable-Rate and Fixed-Rate Loans in Canton, SD

Before committing to a loan, compare all of your options, 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 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 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 for Today's Fixed-Rate Home Loan Rates in Canton, SD

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 South Dakota. Friendly people are here to guide you through the loan and homeownership process.

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