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Alabama Mortgage Lenders

With the Federal Reserve announcing the extension of low key interest rates, mortgage companies across the South slashed rates for buying and refinancing. Many local borrowers have expressed joy with affordable financing and flexible credit requirements on home loans. The Obama administration streamlined the HARP 2.0 so that no loan to value evaluations will be needed on underwater mortgages.

Alabama Mortgage Rates at 3.25%

  • Combine your 1st & 2nd mortgages into 1 mortgage
  • Wipe out compounding credit card interest
  • Consolidate all your bills into one lower mortgage payment
  • Refinance your existing 2nd mortgage
  • Save up to 75% with Bill Consolidation
  • Interest Only Mortgage Options
  • Convert your adjustable rates to a Fixed Rate Loan
  • Rebuild your credit & Raise your Scores
  • Get Cash Out
  • Finance Home Improvements
  • Refinance your home equity line of credit

Mortgage Rates for Alabama
Birmingham Mobile Montgomery


Buying a house in the South just got a lot easier. Guidelines were eased for first time home buyers in Alabama so you do not have to break the bank to become a homeowner.


 

 
Mortgage Terms to Know for the Loan Process

Conventional Loan

Second Mortgage

Home Equity Line of Credit

A mortgage loan not insured by FHA or guaranteed by the VA. Fannie Mae sets the conforming loan amounts and for 48 states any loan amount under $417,000 for 1-4 unit properties. For more information and guidelines by state, please visit www.fanniemae.com

A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans.

A loan providing you with the ability to borrow funds at the time and in the amount you choose, up to a maximum credit limit for which you have qualified. Repayment is secured by the equity in your home. Simple interest (interest-only payments on the outstanding balance) is usually tax-deductible. Often used for home improvements, major purchases or expenses, and debt consolidation.

HUD I Settlement Statement Fixed Rate Mortgage Refinance

A form utilized at loan closing to itemize the costs associated with purchasing the home. Used universally by mandate of HUD, the Department of Housing and Urban Development.

A mortgage loan with an interest rate that is fixed for the term of the loan. Monthly payments are fixed evenly for a specific term.

Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.

FICO score

Good Faith Estimate

Negative Amortization

A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Scoring has become widely accepted by lenders as a reliable means of credit evaluation

A written estimate of closing costs which a lender must provide you within three days of submitting an application.

Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan.

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