Choosing an Alabama mortgage can be as confusing as finding a home. Here at Sunstate Mortgage Company we explain each type of mortgage, help you determine which Alabama mortgage is in your best interest, and how you can get the best Alabama mortgage rate.With each mortgage you must factor in risk, the term of your loan, and the size of the mortgage you need.Alabama Fixed Rate MortgagesEvidently, the interest rate on a Alabama fixed rate mortgage remains the same for the term of the loan. And so your monthly payment (principal balance and interest) also remains the same. The entire mortgage loan is repaid in equal monthly installments over the entire length of the loan. Alabama Mortgage loans that are 30 plus years are considered long-term loans and any amount less than 30 years are short-term loans.
Typically, Alabama mortgage loans are from 10 to 40 years. The length of your loan depends on the amount of your loan. However, Alabama fixed rate loans are from 15 to 30 years. Alabama Adjustable Rate Mortgages AlabamaAdjustable rate mortgages are also known as Alabama variable rate mortgages. With an ARM, your interest rate is adjusted periodically. The interest rate increases or decreases with changes in the market interest rate. This does not change the length of your loan. Your monthly payment is adjusted to reflect the interest rate change.Alabama Federal Housing Administration (FHA) Loans Alabama FHA mortgages are conceptually the same as Alabama fixed rate mortgages, but in addition, they are insured by the federal government.
The consumer pays the Alabama mortgage insurance premiums. The initial premium is determined by the length of the loan and the amount of the down payment. The insurance provides consumers with security.Alabama Department of Veterans Affairs (VA) Loans A Alabama VA mortgage is conceptually similar to a Alabama fixed rate mortgage. A Alabama VA loan consumer is provided by the assurance that if the consumer defaults on their loan, the federal government will pay a portion of the loan.Sunstate Mortgage Company helps get you the best home loan / purchase loan mortgage rates in Birmingham, Montgomery, Mobile, Huntsville, Tuscaloosa, Hoover, Dothan, Decatur, Auburn, Gadsden, Florence, Madison, Bessemer, Phenix , Prichard, Prattville, Vestavia Hills, Alabaster, Homewood, Anniston, Opelika, Enterprise, Mountain Brook, Selma, Northport, Athens, Albertville, Daphne, Pelham, Hueytown, Oxford, Talladega, Ozark, Alexander , Scottsboro, Cullman, Jasper, Trussville, Troy, Eufaula, Fairhope, Fort Payne, Sylacauga, Saraland, Muscle Shoals, Hartselle, Fairfield, Gardendale, Tuskegee, Millbrook, Helena, Leeds, Pleasant Grove, and Pell.Sunstate Mortgage Company can help you purchase your new home and help
you decide on a Alabama loan that will suit your needs.