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
Investment property mortgages
No documentation loan
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
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.
Mortgage Bankers Association of Alabama, Inc.
P.O. Box 230425
Montgomery, AL 36123
Phone: (334) 260-8197
Fax: (334) 396-8880
Last Updated on : 24th August 2013