Name: www.northalabamahomeloans.com
Address: 4100 Market St., Huntsville, 35808, US
Telephone: 256-658-0432
Price range: $$

Construction Loans

Construction loans are used to finance the construction of a new structure. If you’re interested in building a brand new home for you and your family we can help craft a terrific lending solution. Each loan is as unique as the property you’re looking to construct.

We look forward to your questions about construction loans. Please call us to find out more.

Conventional Fixed Rate Mortgages (FRM)

A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. Contact us for details on down payment requirements. Available terms generally range from 10 years, 15 years, 30 years and 40 years.

FHA Mortgage Loans

FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don’t have enough funds to pay a traditional 20 percent down payment because they only require 3.5 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments. Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.

VA Mortgage Loans

Like FHA loans, VA loans are private loans insured by the Federal Government. VA Loans are only available to qualifiied military veterans and their families. The loans are for primary residences only. There is no limit on the number of times you can use a VA loan, in fact, it is posssible to have more than 1 VA loan at a time. Call 256-658-0432 with any questions.

Adjustable Rate Mortgages (ARM)

Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower’s monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher. Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information on adjustable rate mortgage loans.

Jumbo Loans

A jumbo loan, or non-conforming loan, is a home loan for amounts higher than $726,200. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. Because jumbo loans have higher balances, underwrtiting guidelines are stricter. they require higher credit scores. Learn more about jumbo loans by contacting us today.

Refinance Mortgage Loans

Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option. Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.

Other Loan Programs