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Shop Fixed-Rate Mortgages in Janesville, WI

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

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

When researching home loans in Janesville, 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 focused on making your path to homeownership clear and straightforward, Mr. Cooper is on a mission to simplify every aspect of buying a house — including the words!

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 what the lender charges for loaning you money. It is expressed as a percentage. Home loan interest rates can go up and down in the same 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 time periods are an option and usually come with bigger monthly payments but lower overall interest paid over the course of the loan's life. How similar is a fixed-rate loan to other Janesville home loan options, like an adjustable-rate loan?

Fixed-Rate vs. Adjustable-Rate Loans in Janesville, WI

Before committing to a loan, compare all of your options, including adjustable-rate loans. Adjustable-rate mortgages (ARM) are different from fixed-rate mortgages as the interest rate on an adjustable-rate mortgage can fluctuate 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 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 see how different factors can guide you in selecting between an adjustable-rate and fixed-rate mortgage, like how large of a mortgage payment you qualify for, and if you could still pay your mortgage on an ARM if interest rates went up, how long you plan on living in the house, and where interest rates are headed.

Check Current Fixed-Rate Home Loan Rates in Janesville, WI

We've only brushed the surface of fixed-rate loans and adjustable-rate loans! Contact Mr. Cooper to check fixed-rate mortgage rates in Janesville, WI. We have a welcoming team that is standing by to answer any questions you might have about the loan and homeownership process.

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