Alabama Mortgage Rates

The state of Alabama boasts a homeownership rate of 69.7% as of 2016. That’s roughly 1,268,138 owner-occupied housing units per the Census Bureau. Buying your home or even refinancing in Montgomery, Mobile or anywhere in Alabama means looking at mortgage rates.

Mortgage rates in Alabama move up or down on a daily basis. They are a product of numerous factors that can influence the rate you’ll be getting on your mortgage. Never forget to shop and compare rates at mortgagesum.com to land the best mortgage deal possible.

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What Moves Your Mortgage Rates?

For example, your credit score plays a major role in your mortgage rate. The best mortgage rates and terms are usually given to borrowers with the best credit scores. But it’s never a bad idea to try your luck among mortgage lenders and see what they can give you.

Your loan type and loan term also matter. We are talking about fixed-rate mortgages with their 15-, 20- and 30-year variants; and adjustable-rate mortgages with a fixed-rate period of 5 years and adjust each year (5/1 ARM), every three years (5/3 ARM) or every five years (5/5 ARM).

There are also government loans insured by the FHA, VA and USDA; agency loans backed by Fannie Mae and Freddie Mac; conventional loans; refinance loans; and jumbo loans for those exceeding the conforming loan limits.

Shorter-term loans tend to have lower rates and lower interest costs compared with longer-term loans. But if seen on a monthly basis, longer-term loans cost less because of their lower monthly payments.

You might get a lower rate if you pay discount points, a point represents one percent of the loan amount, e.g. $1,000 for every $100,000. These points are paid upfront, also known as prepaid interest.

More importantly, the location of the home you’re buying or refinancing affects your rate. Rates in Alabama vary among other states and even among its counties.

Calculating Mortgage Rates in Alabama

You can use online calculators to estimate your monthly loan payments at a certain rate. Or you can compare mortgage rates online. Just enter your zip code, loan amount (purchase or refinance), and credit then click compare top rates in your county in Alabama.

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When applying for a loan, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved. Minimum credit ratings may vary according to lender and loan product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee. Any loan product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the loan product.

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© 2018 Mortgage.Info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.