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Lower Your Interest Rate

If eligible, you can lower your interest rate. This could lead to lower payments and less money paid towards interest.

Why should I lower my rate?
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Lower cost Lower Payments

Shorten Your Loan Term

Shorten your loan term when refinancing from a 30-year term to a 15-year term. You may also lower your rate.

Why should I shorten my term?
House Become mortgage-free quickly
Lower interest Pay less interest

Leverage Your Home's Equity

Take cash out of your home to apply to improvements, renovations, or other necessary expenses.

Why should I cash out?
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Alabama Mortgage Rates

With great weather, beautiful scenery, and beachfront towns along the Gulf of Mexico, there is an awful lot to like about making your home in Alabama. When you factor in lower-than-average costs of homes and low mortgage rates, those benefits keep coming here in the Cotton State.

Common Alabama Loan Types:

  • Alabama conventional mortgages: Alabama mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
  • Alabama FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in Alabama on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
  • Alabama VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in Alabama through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.

Alabama Mortgage Rates Compared to National Averages

Mortgage rates are a critical variable to consider when purchasing a new home, and you will have a hard time finding better rates anywhere else in the country. Alabama residents benefit from some of the best 15-year fixed-rate mortgage rates; in most cases, a 30-year fixed-rate mortgage won’t be much higher.

If you are interested in making your Alabama home buying process an even better deal, you can look into some of the assistance programs sponsored by the Alabama Housing Finance Authority. Their “Step Up” program helps a number of homebuyers with funding their down payments.