Alabama home loans Alabama home loans Alabama home loans Alabama home loans

Alabama Fixed Rate Mortgage, Alabama Home Loans

Get pre-approved and lock in a low rate for your Alabama fixed rate mortgage.

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 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.

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.)

Fixed rate fully amortizing loans have two distinct features.

  • First, the interest rate remains fixed for the life of the loan.

  • Second, 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.

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.

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, 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.

Thank You,
The Alabama Home and Loan team

© Copyright 2001-2012 alabamahomeandloan.com

 

Alabama Home Loans - California Lot Loans - Contact - Site Map - California Lot Loans

Alabama home loans
Home Loans
Buy A Home
Refinance Your Home
Alabama Articles
FIND A HOME
Contact Us
 
 
Alabama home loans
Alabama home loans
Getting Pre-Approval
103% Alabama Loans
Zero Down Home Loans
97% Loans 4 Alabama
Alabama FHA
VA Loans in Alabama
Alabama Jumbo Loans
Alabama Construction
Home Improvement Loans
No Money Down Loans
Conventional Loans
Bridge Loans
Interest Only Loans