Use the table below to research rates and programs offered by mortgage companies serving home buyers and homeowners throughout the State of Alabama. You can change between different fixed rate and adjustable rate home loan products using the loan selection tool within the rate table.
At ForTheBestRate.com, we believe that all Alabama home buyers and homeowners deserve a great deal on their mortgages. Whether you are looking to purchase a home in Alabama’s largest city of Birmingham, along the Coast in Mobile, or refinance your cabin in the mountainous North Alabama region, you can use the tools and resources on ForTheBestRate.com to find a mortgage broker, lender, or bank with the home financing solution to meet your needs.
Using the rate table
The majority of the mortgage companies represented in the rate survey on this page offer a variety of fixed rate (10, 15, 20, and 30 year terms) and adjustable rate financing solutions (3/1, 5/1, and 7/1 ARMs) for 1-4 unit residential properties (i.e. single family homes, duplexes, triplexes, and quadra-plexes). These mortgage companies typically allow properties to be used as primary residences, second homes (aka vacation homes), or investment properties (rental homes). Rates often vary by occupancy type so you’ll need to speak with the various lenders and brokers to make sure that you qualify for what they have posted. Rates may also vary of other reasons including the type of property being financed. For example, interest rates for condos may have pricing adjustments when compared to stand-alone, stick built homes. Be sure to speak with the various home loan providers directly to make sure that you have an accurate idea of pricing for your unique scenario.
Where to Turn for More Information on Buying or Refinancing a Home in Alabama
- Alabama Housing Finance Authority in Montgomery – 800-325-2432 – website
- Alabama Association of Housing and Redevelopment in Birmingham – 205-849-0123 – website
- HUD news and information for the State of Alabama – website
- USDA rural housing loan information for buying a home in Alabama (may be a good fit for people in rural areas of the state who are looking to put little to no money down) – website
- Alabama Mortgage Brokers Association – website
- Mortgage Bankers Association of Alabama – website
Get to Know “Sweet Home Alabama” – Relocation
Alabama is a state rich in diversity. From thriving industries to exciting cultural events to some of the finest Southern hospitality you’ll ever encounter, Alabama is a great place to live, work and play! The area’s diversity can be seen in the Alabama real estate market as well. From the big cities such as Montgomery, Huntsville, and Tuscaloosa, to the smaller towns scattered throughout the ”Heart of Dixie,” property values and building styles can vary greatly – but one thing’s for sure, Alabama has historically boasted some of the most affordable home prices in the country. The low cost of living and low unemployment rate have helped Alabama maintain a favorable economic position.
Thinking about relocating to Alabama? Check out the Moving to Alabama page on the state’s website for information on tag requirements, employment opportunities, obtaining a driver’s license and more.
Put on Your Learning Cap
- What is the difference between a lender and a broker? – Explore some of the pros and cons of working with each type of entity.
- Looking to finance a lot or a piece of land? – Most of the mortgage companies in the rate table do not finance lots and raw land. You can find information on lenders who are interested in this business here.
- What types of closing costs are associated with a mortgage? – After speaking with some of the mortgage companies in the rate table, you’ll likely start receiving Good Faith Estimates which breakdown various fees and costs associated with the home loan process. This post dives into what to expect.