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Alabama Fixed Rate Mortgage

Get pre-approved and lock in a low rate for your Alabama fixed rate mortgage. Even if you have bad credit, we can find you the financing you need.

You can call our mortgage brokers toll free at 888-694-0455 or simply apply online. Our licensed mortgage brokers will get you a low interest rate on a conventional Alabama fixed-rate mortgage loan.

The Alabama fixed rate mortgage is the most common type of an Alabama mortgage program. A fixed rate mortgage is the traditional or "conventional" home mortgage loan that most people are familiar with. The concept is simple and straightforward. Your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally, your monthly payments will be very stable. You will be paying about the same month after month so you can always have a good idea of how much you need to set aside.

The fixed-rate mortgage has a proven track record as a sound financial mortgage plan. In the United States, homeowners can enjoy the security of fixed-rate financing for the entire duration of the loan. This is not the case in other countries (Canada for example) where fixed-rate financing may only be available for the first 5 or 10 years of the loan. While you can get lower interest rates with other programs, this one offers security in that your payments will remain static. Other programs can include a "hybrid" element where they start with a fixed rate and then latter adjust to a market index.

An Alabama fixed-rate mortgage is available for 30 years, 20 years, 15 years and even 10 years. There are also "bi-weekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks (since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year). With housing prices continuing to rise, 40-year and 50-year financing is now available from select lenders for borrowers being pushed out of competitive markets. The most common fixed rate loans however, are the 15-year and 30-year mortgages.

Fixed rate fully amortizing loans have two distinct features.

  1. The interest rate remains fixed for the life of the loan.
  2. The payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term.

During the early amortization period, a large percentage of the monthly payment is used for paying the interest. As the loan is paid down, more of the monthly payment is applied to principal. A typical 30-year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount. Payment made in the last 7.5 years go primarily to paying off the second half of the principal amount.

Please fee free to contact us for any information on our Alabama Home Loans. I hope you find information on this site useful for your new Alabama home purchase or refinance.

We have several types of mortgages available: VA home mortgages loans, FHA mortgages, and interest only as well as 2nd mortgages. Give us a call or fill out our online Inquiry form to have a consultant go over your options and goals.

As professionals in the mortgage lending industry, we've built our reputation on providing outstanding service to our clients. That means you can count on us to always look out for your best interests and to keep you informed throughout every step of the lending process.

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