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Alabama Mortgage Rates and Homebuyer / Homeowner Info
Are you considering buying or refinancing a home in Alabama? Or tapping into your home equity to consolidate high interest debt? If so you've found the right place.
Our information will help you learn about all types of Alabama home loans, and our helpful list of specific AL Mortgage Resources & services is specifically tailored for our state. Having some knowledge of how mortgage loans work wherever you live in Alabama can help you select a home and keep it for years to come. Whether you're looking for a Mobile new home loan or a Birmingham mortgage refinance, it pays to do your homework.
Also compare competing quotes from our lender database of reputable Alabama mortgage lenders by filling the form to the right. It's our service to you, it's free and there's no obligation to you.
For most of us, buying a home is the largest investment we'll make in our lives, so take the time to speak to different lenders and see what offers are available to you. Getting several competing quotes and getting the best offer can save you thousands over the course of your loan.
Alabama Home Buyer Assistance Programs
Many communities offer home buyer assistance programs that can help first-time home buyers learn about shopping for a home and mortgage loan.
Understanding how Alabama mortgage loans work can help you find a home loan that meets your needs. Community home ownership assistance programs may provide down payment assistance, referrals to approved lenders, and home buyer education programs.
If you want to qualify for a mortgage loan through a home buyer assistance program, you'll have to meet eligibility requirements including completion of an approved home buyer education course. Community home buyer programs generally define a first time buyer as someone who has not owned a home in the last three years.
Facing Foreclosure? Don't Wait to Get Help
If you've missed any mortgage payments, please contact your lender immediately. Alabama state law allows foreclosure to take place quickly; typically the timeframe is 30 to 60 days. This does not provide much time for housing or credit counselors to arrange help. Depending on the type of mortgage documents you have, foreclosure may be conducted judicially, which means you will be sued by your lender, and the foreclosure process overseen by a court. Non-judicial proceedings are based on language in your mortgage documents that provide the lender with "power of sale" if you do not meet your mortgage terms. Although Alabama allows 12 months for redeeming your property after foreclosure, coming up with the cash needed to buy your home back can be expensive and challenging.
Also, please make use of our loan calculators which include a refinance calculator, a mortgage loan rate comparison calculator, and an amortization calculator & amortization chart. There's also a mortgage calculator to tell you your monthly payments, and an affordability calculator that looks as how much you can spend, and your expenses to show you how much home you can afford.
Alabama Home Buyer & Homeowner Mortgage Guide
- US Dept of Housing and Urban Development AL information. HUD's homepage for Alabama residents and prospective homeowners.
- HUD AL Home ownership information. HUD's page on Alabama home-ownership, including Alabama assistance programs and educational programs / counseling services.
- Alabama Housing Finance Authority. AHFA creates housing opportunities for low- and moderate-income Alabamians through the affordable financing of single- and multifamily housing and their programs have helped more than 100,000 families buy homes they could afford.
- Alabama Counseling Agencies and AL Homebuyer Education. List of HUD-Approved counseling and homebuyer education agencies in Alabama.
- National Foundation for Credit Counseling (links to local providers). National organization for credit counseling if you face debt or foreclosure issues.
- Debt Consolidation and Mortgages. Information on obtaining a mortgage or refinance if your credit history isn't perfect. Also lots of articles on consolidating debt.
- Veterans Administration Loan Guaranty Program. Homeowner / homebuyer information for US Veterans.
- Alabama Property Taxes. Information on calculating property taxes in Alabama.
- Federal Trade Commission Forecolsure Information. Homeowner information from the FTC on how to avoid foreclosure scams.
- Alabama Attorney General Office. Some of the most frequently-requested information on consumer laws in Alabama
- Alabama's FHA home loan limits separated by county name
- State of Alabama Banking Dept Homeowner Assistance. Information from the state of Alabama for those seeking to prevent foreclosure or are having mortgage loan difficulties.