Fixed Rate Mortgage, Alabama
pre-approved and lock in a low rate for your Alabama fixed rate
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 famillar with. The concept is simple and
straight foward. 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.
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.)
rate fully amortizing loans have two distinct features.
the interest rate remains fixed for the life of the loan.
the payments remain level for the life of the loan and are
structured to repay the loan at the end of the loan term.
The most common fixed rate loans are 15 year and 30 year mortgages.
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.
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.
several types of mortgages available: VA
home mortgages loans, FHA mortgages,
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.
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.
The Alabama Home and Loan team