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Alabama Mortgage and Refinance Rates
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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies. Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. As of Sunday, November 13, 2022, current rates in Alabama are 6.93% for a 30-year fixed and 6.18% for a 15-year fixed. We'll help you find mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today. At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . ON THIS PAGE Important information about our rate table The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser. Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership. If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount. The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included. If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please to provide your comments to Bankrate Quality Control. Alabama mortgage overview
Median home values in Alabama are among the lowest compared to the national median, which helps potential first-time homebuyers who are ready to stop renting and purchase a home. The Alabama Housing Finance Authority (AHFA) works with lenders to offer mortgages with lower fees and affordable interest rates. The state offers many first-time homebuyer programs that provide down payment or closing cost assistance, and also provides programs for current homeowners who are seeking to purchase another home in a different part of town, or buy a larger one. First-time homebuyer programs in Alabama
Through the AHFA, there are several . Step Up program
The provides 3 percent down payment assistance, secured by a 30-year fixed-rate first mortgage along with a 10-year second mortgage. The loans are serviced by ServiSolutions, a division of AHFA, which means homeowners only have to make one payment each month. To qualify for the down payment assistance program, borrowers are required to complete a homebuyer education course. In addition, borrowers can purchase either a new or existing home in the state, but must have a minimum credit score of 640 and a debt-to-income ratio of 45 percent or lower. For an FHA Step Up mortgage, the program is limited to those who have incomes of $97,300 or less, regardless of the size of the household. For a Conventional Step Up mortgage (also known as HFA Advantage), those who earn 80 percent or less of the Area Median Income or $97,300, whichever is less, can qualify. Affordable Income Subsidy Grant
The helps with financing closing costs, in addition to the down payment assistance through Step Up. Borrowers are eligible if their annual income is not over 8 percent of the Area Median Income or $97,300, whichever is less. Borrowers can purchase either a new home or existing home, but must have a minimum credit score of 640 and a debt-to-income ratio of 45 percent or lower. Alabama mortgage refinancing
With interest rates at record lows, Alabama borrowers may be interested in refinancing their mortgage into a new one with a lower rate. Use Bankrate's to see how much you can save by lowering your rate. Alabama mortgage resources