Alabama mortgage rates or mortgage rates in Alabama are quite competitive and the various mortgage loan programs in Alabama prove to be valuable and advantageous for the people of Alabama.
The mortgage lenders in Alabama offer a variety of mortgage loans and it is advisable that mortgage borrowers should be extremely careful about selecing the right type of mortgage.
Mortgage loans offered in the state of Alabama usually vary in terms of the purpose of the loan, type of the loan, as well as duration of the loan.
The different types of mortgages that are offered in the state of Alabama can be broadly categorized into the following types:
Fixed rate mortgage: This is the most basic and popular form of mortgage. It is termed as fixed rate mortgage because the monthly rate of interest and principal do not change over the term period of the mortgage loan and the term can extend from 10 to 30 years.
Interest only mortgage: This type of mortgage loan has a short term and the term ranges from 6 months to 10 years.
Bad credit mortgage loan: Sometimes unfortunate incidents might happen which are unpredictable in nature, for example, a particular health disease, unemployment, and other types of problems. Mortgage lenders in Alabama provide bad credit mortgage loans to people who have a poor credit history. This type of mortgage assists individuals to recuperate from adverse financial circumstances.
Specialty loans: The specialty loans offered in the state of Alabama include the following:
- Adjustable rate mortgages
- Balloon mortgages
- Investment property mortgages
- No documentation loan
- Construction loans
- Commercial mortgages
- Reverse mortgage
- Stated Income Verified Asset Mortgage Loan-SIVA
- No Income Verified Asset Mortgage Loan-NIVA
- No Income No Asset Mortgage Loan-NINA
- Jumbo and Super Jumbo Mortgage Loans
- 80/20 combo loan- 80/15/5 combo loan- 80/10/10 combo loan.
- First time home buyer loan
- 103% mortgage loan
- 105% mortgage loan
- 107% mortgage loan
- 125% mortgage loan
- FHA and VA mortgage loans
- Home equity loans and second mortgage loans
The leading mortgage lending institutions in Alabama include the following:
- Anchor Mortgage Services, Inc.
- Wachovia Mortgage Corporation
- Fairfund Financial Group
- Ameriquest
- Alabama Home Mortgage Lending, Inc.
- Charterwest Mortgage, LLC
- JD Mortgage Co, Inc.
- Lawhorn & Associates Mortgage Company
- Gagliano Mortgage, Inc.
Reputed mortgage lenders in Alabama offer competitive mortgage quotes online which are readily accessible. With the help of online applications, requests for personalized rate quotes can be done.
The online facility for personalized rate quote functions in the following way:
- Completing the online application form
- An extensive search is done for finding out all potential mortgage lenders and the various types of loan programs
- Then competitive quotes are supplied to the applicant
- Applicant now selects the most appropriate rate and loan terms
The Mortgage Bankers Association of Alabama (MBAA) was incorporated in the year 1970. In 1994, there was a merger between the Mortgage Bankers Association of Alabama and Alabama Mortgage Loan Administrative Group. Presently, there are 85 member organizations under the MBAA across Alabama and also from the south east.
Contact Details:
Mortgage Bankers Association of Alabama, Inc.
P.O. Box 230425
Montgomery, AL 36123
Phone: (334) 260-8197
Fax: (334) 396-8880