If your are a first time house buyer, or have a lower income and living in Alabama , you need to take a look at the Alabama Housing Finance Authority’s official website. They may be able to help you finance your first house with lower-than-market fixed interest rates on mortgages. The help program uses normal participating mortgage providers, but finances the mortgage by selling tax-exempt mortgage revenue bonds to investors.
Financing your home means that you have to make a number of decisions about how you are going to manage your finances. You have to decide what term your mortgage is going to be- 10, 15, 20 or 30 years, and whether you are going to have a fixed or an adjustable rate mortgage.
A fixed rate mortgage means that you have a fixed rate of interest throughout the term of your mortgage. This allows a defined monthly outgoing, which will not change- part repayment of the capital, part interest- and can be very advantageous if, as now, interest rates are low and you aim to stay in the property for more than 5 years.
An adjustable rate mortgage allows interest rates to change at defined times during the term of the mortgage. At these times the interest is recalculated according to some financial instrument, such as Treasury bills. This form of mortgage gives lower initial interest rates, and can be very advantageous if you are planning to move in the fairly near future.
Buying a house is a difficult time, and involves many decisions, but these financial decisions can affect you for a long time, so you must take time and make the best decisions you can.
Our featured Alabama Home Financing partners:
With interest rates at all-time lows, there has never been a better time to refinance.
Take advantage of getting additional cash out to improve your home, buy a new car, or pay for a child’s education. GuideToLenders.com will provide you with competitive loan quotes from up to four lenders. Different types of refinance loans offered are 30-year fixed, 15-year fixed, adjustable rate, and interest only.You’ll receive the best rates and options available, regardless of your credit. It takes less than a minute to apply, and you have nothing to lose. Find your refinance loan right now.
MoneyNest can help you search through hundreds of lenders and to find the most competitive rates. Get loans for mortgage refinancing, second mortgages, a home equity line of credit, home improvement, or debt consolidation. No fees are required and all credit histories are considered. Fill out a single application and get up to 4 FREE quotes.
Countrywide Home Loans
Qualified homeowners – even those with less-than-perfect credit – may now access their home’s equity to get cash, consolidate debts, and lower monthly expenses. Countrywide Home Loans may also help applicants who are self-employed or have high consumer debt. We offer competitively priced home loan programs, including fixed rate, adjustable rate, refinance and home equity loans.
DebtWave Credit Counseling, Inc.
DebtWave Credit Counseling, Inc. offers a program to its clients that enables them to repay their debt in a timely fashion. We specialize in working primarily credit cards; however, we are usually able to assist clients with any bills that are considered to be unsecured. Below is a list of benefits that we are typically able to obtain for our clients:
– Reduce your interest rates
– Lower your monthly payment
– Consolidate into one monthly payment
– Eliminate late & overlimit fees
– Stop harassing phone calls (if behind)
Our featured partner for Investment Assistance:
The advantage of having an easy-to-follow, step-by-step investing process with easy-to-use Web-based tools is that you rely on facts to make decisions – not emotions. The benefits are less stress, better results and, dare we say it, fun.