Average25th Percentile50th Percentile75th Percentile
Loan Amount$155,523$102,500$132,000$185,500
Property Values$201,970$112,500$162,500$237,000
Average LTV82.2%
Percent Refinance74%
Pct of Refis Cashout13.6%

At Mortgageloan.com, you'll find all of the resources necessary to secure the best mortgage loan for your situation. These resources include mortgage tips, articles, and calculators, plus a directory of qualified Alabama lenders. When you don't know how to begin your mortgage search, the best course of action is to clarify your financial objectives. Considering your potential tax savings, decide what you can afford in terms of a monthly payment and in total debt. You can then use the tips and articles on Mortgageloan.com to become familiar with mortgage interest rates and types of loans available.

Locating and contacting lenders is as simple as clicking through the Alabama broker directory. You should submit several loan applications so that you have various loan offers to compare.


Alabama Rate Map

This Rate Map for the state of Alabama shows the rates that individual borrowers were able to obtain on refinanced and home purchase mortgages. Each balloon represents a single mortgage – click on them to see what kind of rates borrowers are getting in your area.

Use the options in the column at left to sort your choices by location and credit score. Individual balloons also feature information on loan size, loan-to-value ratio, loan type, lender and more.

If you recently obtained or refinanced a mortgage and would like to anonymously share information about the terms you were able to get, just click on “Share Your Rate” above the map. Your fellow borrowers will thank you!

Click here to view the Rate Map

NOTE: MortgageLoan.com cannot guarantee the accuracy of the data provided as it is submitted by our visitors. 

Mortgage Tax Savings

Tax breaks, courtesy of the IRS, offset some of the other costs associated with homeownership. You can deduct the interest paid on mortgage debt, points paid on mortgage debt, and property taxes paid. Since you pay a higher portion of interest in the first years of a mortgage, you'll see the greatest tax benefits during that period. If you pay points on a purchase mortgage, you can deduct those in the first year. Points paid on a refinance, however, must be deducted over time. You can estimate tax savings with Mortgageloan.com's Mortgage Tax Savings Calculator.

Fixed-rate Mortgages

For most prospective borrowers, the fixed-rate mortgage (FRM) is the first option to consider. The FRM offers the security of a stable monthly payment and interest rate. Once you've locked in your rate, it won't change unless you refinance. You'll also know exactly when your mortgage debt will be fully repaid. Most FRMs have a 30-year payoff schedule, but some lenders offer shorter and longer loan maturities. The options range from 10 years to 40 years; if you can afford a shorter payoff cycle, you'll likely be offered a lower interest rate.

Comparing Mortgages

Comparing mortgage offers in Alabama can be a confusing process, particularly when you're diligent-as you should be-about contacting several lenders. You can make this search more efficient by reviewing individual offers by loan type first. In other words, review your adjustable-rate mortgage (ARM) offers separately from your FRM quotes. Once you pick the best in each category, you can use Mortgageloan.com's mortgage calculators to decide which is more appropriate for you.

As you're deciding, remember not to place too much importance on getting the lowest payment. Of course, you must have a payment that you can afford. But sometimes, a very low payment means you're carrying the debt for longer periods of time. There are two disadvantages to this strategy. Your overall interest costs will be higher, and it will take longer to build home equity.

Mortgageloan.com can help you find that best rate mortgage, whether you're buying a suburban Birmingham home, or a cozy weekend retreat in sleepy Delmar.

Advanced Filters

Getting quotes from lenders...