What Alabama Home Purchase Expenses are Tax Deductible?

What Alabama Home Purchase Expenses are Tax Deductible?

What Alabama Home Purchase Expenses are Tax Deductible?

Making an Alabama home purchase is one of the best investments that you can make. It’s the first push on the way to financial independence and building wealth. However, there are also tax incentives that should also be seen as huge advantages. What Alabama home purchase expenses are tax deductible?


The two major ways that homeowners can save are on interest expenses and capital appreciation.


Interest expenses on up to $750,000 of mortgage debt can be deducted from homeowners’ income taxes. There is a catch though. When homeowners itemize their deductions, they will pass up the standard deduction, which is $12,400 for individuals or married couples filing individually, $18,650 for head of household and $24,800 for married couples that file jointly.


Capital appreciation is the increase in value of the home. As the home grows in value, these increases are not taxed federally. Homeowners can exclude anywhere up to $250,000 in home appreciation when determining their capital gains.


The mortgage interest deduction is really the most valuable to most homeowners. For homeowners that itemize their deductions, the ability to deduct the interest paid on their home can make a huge difference in their tax burden. Homeowners can claim deductions for any interest that they pay on mortgages for home building, home purchase, or even home improvement loans.


In the new 2018 tax bill, HELOCs and home equity loans lost their tax-deductible status unless they are used for building or making major improvements to the home, making these types of loans far less valuable than a cash-out refinance. For equity debt that can be used for origination or home improvement the limit is $100,000, and any interest on the first $750,000 of mortgage debt on the first mortgage is tax deductible as well.


However, not every dollar of interest paid towards a mortgage can be deducted from your taxes. If your loan is under $750,000, the interest that you pay is typically going to qualify for tax deduction. Anything over that will not be deductible.


Use an Alabama home purchase to your advantage with these tax breaks.

 

Call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
  • Day 1 Certainty simplifies the process
  • Customer service no one can match

How Can We Help You?

Alabama Mortgage Lender

Best Mortgage Rate Alabama









Alabama Home Loans & Mortgages

Best Home Mortgage Options For Ideal Borrower Situations

Pay Off High Interest Debt and Cash-out Equity In Your Home

Flexible Home Mortgage Guidelines With Attractive Rates

Refinance Your Current Home Mortgage Without An Appraisal

Higher-Dollar Home Loans From A Trusted Mortgage Lender

No Down Payment VA Home Loan For Military Veterans & Active Duty

Home Mortgage For Business Owners & Self-Employed

Get a 5-min Home Loan Approval & Close Your Mortgage in 14-days!

The Mike Carey Team – Offices Located in Foley and Orange Beach

316 McKenzie St., Suite 118
Foley, Alabama 36535

27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561

How to Buy a Home in Alabama in a Crowded Market

How to Buy a Home in Alabama in a Crowded Market

How to Buy a Home in Alabama in a Crowded Market

Potential homebuyers in the market for a new home this summer are going to be met with lots of competition, and it’s going to be fierce. This market is shaping up to be one of the most competitive in years, with the most prepared buyers getting the homes of their dreams, and the ones that aren’t ready learning a lesson about how to buy a home in Alabama in a crowded market.


Well, we thought that we’d help those new home buyers with advice on how to buy a home in Alabama so that you can be prepared going into the market to do battle with other potential buyers, and arm yourself with the knowledge that will put you ahead of the crowd.


Save Up Your Money


Before even starting to save towards the house, a great first step is to work on paying off as much debt as you can. Getting rid of high-interest credit cards and nagging student loans can only help you when you’re ready to buy by lowering your debt-to-income ratio, a key barometer of financial health that mortgage companies look at when assessing your ability to buy a house.


You should also try to save anywhere from 3-6 months of expenses for an emergency fund. Why? Well, there’s not going to be a landlord to call when the roof leaks, or you need a new dishwasher or fridge. You have to replace that stuff yourself. So unless you want to go without or live on bread and water, you’ll need those savings.


Now it’s time to put away cash for everything else. You’ll have the down payment, closing costs, and your moving expenses to deal with.


For the down payment, you can put anything from nothing to the full amount down, but typically, mortgages are at 3.5% to 20% for the most popular loan programs. While there are zero down mortgages like the VA or USDA loan, those are not able to be used by every borrower.


FHA loans require a 3.5% down payment, but they also require PMI to be paid every month. Putting down 20% on a conventional mortgage is the best way to avoid paying PMI, so that all of your payments will go towards paying off your loan.


Closing costs are the fees that your lender and title company charge to process the mortgage transaction, and can often be rolled into the mortgage, so while you can pay them upfront, you aren’t required to.


Depending on how far you are moving and how much you’re bringing, your moving costs can vary wildly. Call around to the various moving companies around you to start to gauge how much it will cost you to get moved into your new house, and what you will need to save to do so. You’ll also have to budget for your repairs and updates if you’re planning those as well. Don’t forget about new furniture – if you’re in a condo and moving to a house, you’ll have more rooms to fill.


Get Pre-Approved


Once you’re comfortable enough with your finances to buy a home in Alabama, it’s time to get pre-approved for your mortgage. Contacting your mortgage company and having us verify your financial information and submit your loan to preliminary underwriting gives you a preapproval letter, which is what signifies that you are a serious buyer to sellers, and are ready to buy a home in Alabama.


This also lets you know how much you can borrow, giving you a shopping budget to find a home in. Knowing that lets you shop for a home you can afford.


The preapproval letter gives you a leg up on the competition. It’s like starting five yards ahead in a forty-yard race against other buyers, and lets you make an offer on a home as soon as you’re ready.


Start Shopping


Now it’s time to grab a real estate agent and get to shopping. Since you know what you can afford, it’s time to get a list of home features that you want to have. If you want a pool, or a big backyard, or a finished basement, go for it!


Just stick to your budget and know the value of what you want. Find out how much it would cost to add improvements after buying the home and compare it to the cost of the home you’re looking at. It may be cheaper to buy a home in Alabama and add a pool later.


Make sure that you’re making a good investment. Your real estate agent can help you with making that determination, as long as you hired a good one.


Make sure that you don’t make a hasty decision on the location or the layout of your house. You can’t move your whole house, and you can’t fix a terrible floorplan. This can kill the resale value on your home, because if you don’t love it, why should they?


However, you shouldn’t let fixable issues run you off. So there’s a hot pink bedroom. It’s just paint. You can replace shag carpeting as well. Just remember the old maxim: buy the cheapest house in the most expensive neighborhood. This lets your home grow in value. Remember: the National Association of Realtors says that the average homebuyer takes 10 weeks of shopping before they find their house. It’s not how you shop, it’s what you buy.


Offer Up


Now you’ve found your perfect house in the perfect neighborhood, and you’re ready to submit an offer. Work with your real estate agent to submit an offer. If you end up in a bidding war, don’t go nuts. Make sure that you stay in your comfort zone, price-wise. This is why you got pre-approved for your mortgage, so you can buy a home in Alabama with a strong offer.


Remember that the seller wouldn’t be selling if they weren’t prepared to. You both want the transaction to happen, and your real estate agent will help you negotiate.


After your offer is accepted and the house is under contract, you have finished the hardest part of the process to buy a home in Alabama. Now you need to work through the contingencies.


Contingencies are the conditions that have to be met in order to put the home purchase through. They let you back out of a sale without forfeiting your deposit if there is an issue. Never skip these, no matter how wildly competitive the market is. They are a huge part of the sale and protection for the purchase.


Part of this process is the home inspection. This is where you have a professional come to the home to ensure that it’s fit for purchase. Inspections can reveal sagging beams, cracked foundations, or other structural issues that would fall on you to repair after the purchase. You have the right to a home inspection – take it!


Many homeowners also take the opportunity to inspect for termites or radon, which are advisable depending on the age and location of the home.


The lender will also require an appraisal, which evaluates the value of the property. This helps keep you from overpaying for a home. If the appraisal is too low, your agent and mortgage company will work to find solutions.


Final Approval


Now it’s time for the final approval. We are going to dig through all of your finances to finalize the loan. It’s very important that you not open credit cards, take on debt, or change jobs during this time, as changes to your financials can keep you from getting the mortgage.


Once you’re approved, it’s time to close on the house!


That’s right, it’s time to sign papers like you’re at an autograph show. Before you move in, you’ll pay the closing costs, prorated property tax, homeowner’s association fees and homeowner’s insurance. You’ll also work through all of the paperwork. As you go, if you see something that doesn’t make sense or you don’t understand, ask! This is the biggest purchase of your life and your name that’s going on the documents, you need to understand the process.


Once you’re done, you have completed the process to buy a home in Alabama!


Congratulations!

 

Call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
  • Day 1 Certainty simplifies the process
  • Customer service no one can match

How Can We Help You?

Alabama Mortgage Lender

Best Mortgage Rate Alabama









Alabama Home Loans & Mortgages

Best Home Mortgage Options For Ideal Borrower Situations

Pay Off High Interest Debt and Cash-out Equity In Your Home

Flexible Home Mortgage Guidelines With Attractive Rates

Refinance Your Current Home Mortgage Without An Appraisal

Higher-Dollar Home Loans From A Trusted Mortgage Lender

No Down Payment VA Home Loan For Military Veterans & Active Duty

Home Mortgage For Business Owners & Self-Employed

Get a 5-min Home Loan Approval & Close Your Mortgage in 14-days!

The Mike Carey Team – Offices Located in Foley and Orange Beach

316 McKenzie St., Suite 118
Foley, Alabama 36535

27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561

Mortgage Applications Rise – Buy a House in Alabama

Mortgage Applications Rise – Buy a House in Alabama

Mortgage Applications Rise – Buy a House in Alabama

Even though the coronavirus pandemic is still lingering, homeowners are jumping back into the market with both feet. Mortgage applications are were up by 9% over both last week and last year, the sixth consecutive week of gains in applications. With the market full of people looking to buy a house in Alabama, you need to get your mortgage pre-approval right now if you’re going to buy a house this summer.

 

Buyers are rushing right now to buy new homes and are getting pre-approved in record numbers. It’s going to be a numbers game to buy a house in Alabama, and if you don’t have a mortgage pre-approval, you will be in real trouble when you try to purchase a home.

 

Experts are all seeing a major rush for people to move out of crowded cities, where they live stacked on top of one another, and into their own homes, where there is room to spread out.

 

The rise of telecommuting has also contributed to this trend. People are finding that they have less and less need to go into the office every day, fight traffic both ways, and waste all of that time. They’re starting to look further and further away from their workplaces for homes, and who can blame them?

 

So what does this mean for you, the potential homebuyer?

 

It means that you need to get your mortgage pre-approved today if you want to buy a house in Alabama.

 

Our exclusive Five-Minute Loan Approval can get you pre-approved the same day you apply. You can upload all of your loan documents and do nearly the entire loan process from the comfort of your own home, without meeting face-to-face.

 

Of course, we also offer our exceptional customer service, turn times as low as 14-days, and outstanding loan programs.

 

Buying a house also lets you take two full months off from making your mortgage payment as well.

 

So, if you’re planning on buying a house in Alabama, get the process of getting pre-approved today by applying online.

 

Call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
  • Day 1 Certainty simplifies the process
  • Customer service no one can match

How Can We Help You?

Alabama Mortgage Lender

Best Mortgage Rate Alabama









Alabama Home Loans & Mortgages

Best Home Mortgage Options For Ideal Borrower Situations

Pay Off High Interest Debt and Cash-out Equity In Your Home

Flexible Home Mortgage Guidelines With Attractive Rates

Refinance Your Current Home Mortgage Without An Appraisal

Higher-Dollar Home Loans From A Trusted Mortgage Lender

No Down Payment VA Home Loan For Military Veterans & Active Duty

Home Mortgage For Business Owners & Self-Employed

Get a 5-min Home Loan Approval & Close Your Mortgage in 14-days!

The Mike Carey Team – Offices Located in Foley and Orange Beach

316 McKenzie St., Suite 118
Foley, Alabama 36535

27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561

Lower Mortgage Interest Rate in Alabama With a Higher Credit Score

Lower Mortgage Interest Rate in Alabama With a Higher Credit Score

Lower Mortgage Interest Rate in Alabama With a Higher Credit Score

Having a lower mortgage interest rate in Alabama helps with every part of your life.  When you’re paying less money every month for your home, you have more money to spend on other things, or you can afford to buy a bigger home or spread the payments over fewer months. 

 

The best way to get yourself a lower mortgage interest rate in Alabama is to raise your credit score.  Your credit score is the basic building block of how mortgage companies build your rate, and helps inform us on what kind of a risk you are to lend money to.

 

Raising your credit score isn’t something that happens overnight, though.  It takes real work to get that lower mortgage interest rate in Alabama, but it’s worth it.  Even lowering your interest rate a half-point can make a huge difference in what you pay each month, and over the course of your loan.  Just as an example, the difference between 3.5% and 4% on a $200,000 loan will save you $20,427 over the course of a 30-year mortgage.

 

Before you get deep into mortgage shopping, it’s a good move to check your credit score in order to know what you’re working with.  You can check in with the three major credit reporting agencies (Equifax, TransUnion, and Experian) and pull your credit.  You can then start to work on issues that have popped up on your report and fix them before you apply for your mortgage.

 

What Credit Score Should You Shoot For

 

The FICO (Fair Isaac Corp.) score is the best barometer for your credit score.  It gives you a grade from 300-850, with the higher scores showing that you are a worthy risk for lenders to take.  If the score is over 800, that’s an exceptional score and you should qualify for the lowest rates around.  In the 740 to 799 range is very good, from 670 to 739 is considered good, 580 to 669 is fair, and anything below that is poor.

 

Every lender will determine their own credit score limit, but even a few points can make the difference between being approved or not or getting a lower mortgage interest rate.  You can save on your monthly payments just by fixing your credit!

 

Can I get a mortgage with a low credit score?

 

Sure, you can, but you’re going to pay a much higher interest rate than you would if you waited until you got your score to a higher threshold.  You’ll pay more in interest, and have higher monthly payments.  It’s also possible that you may have issues with borrowing in other areas, like getting a new car or credit card if you have lower credit.

 

Different loan types also have different credit requirements.

 

Conventional loans: You can get a conventional loan with a mortgage interest rate as low as 620, but there will be higher other requirements, including higher income and lower debt-to-income ratios.

 

FHA loans: The Federal Housing Administration will guarantee loans to borrowers with lower credit. You can qualify for an FHA loan with a credit score of 500 to 579 with a 10 percent down payment. Borrowers with a score of 580 or higher must put down at least 3.5 percent.

 

VA loans: The U.S. Department of Veterans Affairs backs VA loans. They are offered to active and veteran military personnel and their families, and are supplied by the Hero.Loan program. While the government does not have a minimum credit score to qualify for a VA loan, many lenders require a minimum score of 620.

 

Tips to boost your credit score

 

If you want to boost your credit score to get that lower mortgage interest rate, you have ways to do it.  Don’t settle for the higher rates that you’re currently being offered, work on these steps:

  • Correct any errors on you r credit report. Once you have requested your credit score, check it over very carefully.  Remember, you can get a free copy once a year from each of the three major agencies: Experian, Equifax and TransUnion.  If they have inaccurate or missing information, contact the agency and file disputes with them and the creditor.  Make sure to provide proof, including supporting documentation if available.
  • Reduce your credit card debt and other bad debt. The amount of debt that you have compared to the credit you have available is called your credit utilization ratio.  To figure your out, divide your total amount of debt into your available credit.  If you have $5,000 in debt and $10,000 in credit, your credit utilization ratio is is 50 percent.  You want that ratio to be down around 35 percent or lower
  • Pay your bills on time. Payment history is 35 percent of your credit score. Late payments stay on your credit report for seven years, but their impact on your score diminishes over time.  They are basically drags on your credit that will continue hurting you as long as they are there.  Make your payments, or make arrangements to, and you’ll see that rate increase.
  • Keep your current credit open. You might think that getting rid of your closed credit cards is a good idea, but that will lower your credit utilization ratio, so keep them open where you can. However…
  • Don’t add any credit or new loans. Keep your debt lower and you’ll see your credit score increase, as well as lower your monthly bills. 

 

Bottom line

 

These fixes won’t improve your credit score overnight, but they are well worth the time to make sure that you can get a higher credit score and a lower mortgage interest rate on your loan.  Discipline and saving will help you buy a house with the lowest interest rate available and save you money.

 

 

Call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
  • Day 1 Certainty simplifies the process
  • Customer service no one can match

How Can We Help You?

Alabama Mortgage Lender

Best Mortgage Rate Alabama









Alabama Home Loans & Mortgages

Best Home Mortgage Options For Ideal Borrower Situations

Pay Off High Interest Debt and Cash-out Equity In Your Home

Flexible Home Mortgage Guidelines With Attractive Rates

Refinance Your Current Home Mortgage Without An Appraisal

Higher-Dollar Home Loans From A Trusted Mortgage Lender

No Down Payment VA Home Loan For Military Veterans & Active Duty

Home Mortgage For Business Owners & Self-Employed

Get a 5-min Home Loan Approval & Close Your Mortgage in 14-days!

The Mike Carey Team – Offices Located in Foley and Orange Beach

316 McKenzie St., Suite 118
Foley, Alabama 36535

27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561

Buying a Home in Alabama Means Getting Pre-Approved Right Now

Buying a Home in Alabama Means Getting Pre-Approved Right Now

Buying a Home in Alabama Means Getting Pre-Approved Right Now

Buying a home in Alabama this summer means that you are going to be fighting against tons of other borrowers.  In fact, the housing market seems like it may be even tighter than ever, with homeowners pulling their homes off the market during the pandemic. 

 

Without the benefit of open houses and viewings, it only makes sense that these homes leave the market – it’s hard to sell a house that the borrower may not be able to see.

 

However, with many states beginning the process of opening their economies and businesses, the realty business should be back in force as well.

 

Buyers should be ready to compete with others for every house on the market, and the best way to buy a new house is to get a mortgage pre-approval.  Lucky for home shoppers, the 5 Minute Loan Approval is available right now.

 

House shoppers can get a mortgage pre-approval the very day they call in or apply now.  This helps with shopping and budgeting, and lets borrowers know how much home they can afford when house hunting.

 

It also will allow them to make an offer that has money behind it.  Many potential homeowners have lost out on the house that they wanted because another buyer had a pre-approval in hand when they made an offer and didn’t have to wait.

 

Buying a home in Alabama this year is going to require a lot of preparation and work, but owning a home is the American dream, and it is worth it.  Home ownership is the path to financial freedom and wealth building and isn’t something that should be put off.

 

With interest rates remaining near all-time lows, it makes all the sense in the world to buy a home in Alabama this year before they swing back up.

 

Don’t let this chance to buy a home in Alabama this year pass you by.  Get pre-approved for your mortgage and be prepared to fight for the home of your dreams this year.  Remember, a mortgage pre-approval will last 30-60 days depending on your circumstances, so there is no reason to wait.

 

Call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
  • Day 1 Certainty simplifies the process
  • Customer service no one can match

How Can We Help You?

Alabama Mortgage Lender

Best Mortgage Rate Alabama









Alabama Home Loans & Mortgages

Best Home Mortgage Options For Ideal Borrower Situations

Pay Off High Interest Debt and Cash-out Equity In Your Home

Flexible Home Mortgage Guidelines With Attractive Rates

Refinance Your Current Home Mortgage Without An Appraisal

Higher-Dollar Home Loans From A Trusted Mortgage Lender

No Down Payment VA Home Loan For Military Veterans & Active Duty

Home Mortgage For Business Owners & Self-Employed

Get a 5-min Home Loan Approval & Close Your Mortgage in 14-days!

The Mike Carey Team – Offices Located in Foley and Orange Beach

316 McKenzie St., Suite 118
Foley, Alabama 36535

27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561

Get an Alabama Mortgage Pre-Approval – Right at Home

Get an Alabama Mortgage Pre-Approval – Right at Home

Get an Alabama Mortgage Pre-Approval – Right at Home

An Alabama mortgage pre-approval is a quick process that lets borrowers know how much they are qualified to borrow in a loan.  It’s setting up the budget for house shopping. It also lets borrowers make a legitimate offer on a house as soon as they want to.

 

Getting pre-approved for your mortgage is the most important step that home buyers will take in a crowded market.  No other step prepares you as much for the purchase, and nothing else puts shoppers ahead of the game like an Alabama mortgage pre-approval. 

 

Making an offer on an Alabama house without a mortgage pre-approval is an empty gesture and can cost home shoppers opportunities at buying the home of their dreams.

 

If another buyer already has an Alabama mortgage pre-approval, they will have the upper hand on any bid that you put in and will be favored by the seller.

 

With an Alabama mortgage market expected to be one of the tightest in ages, home buyers need every advantage that they can get to own their home.  With COVID-19 ravaging areas where people are living closely together it’s about time for renters to buy a home and get away from their neighbors.

 

With so many buyers and so few sellers, the market will be packed.  Open houses, when you can go to them, will be crowded with other buyers.  A mortgage pre-approval for an Alabama home purchase will last a borrower for 30 to 60 days depending on their circumstances, so borrowers can be assured that they will be able to shop in the future with confidence.

 

Buying a home is the American dream.  It’s time for everyone to start building wealth and own a home, and the best way to get started is with a mortgage pre-approval.

 

Don’t let this opportunity to buy a home at the lowest interest rates in history pass by, apply online for the five-minute loan approval today and get pre-approved the same day you apply.

 

Call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
  • Day 1 Certainty simplifies the process
  • Customer service no one can match

How Can We Help You?

Alabama Mortgage Lender

Best Mortgage Rate Alabama









Alabama Home Loans & Mortgages

Best Home Mortgage Options For Ideal Borrower Situations

Pay Off High Interest Debt and Cash-out Equity In Your Home

Flexible Home Mortgage Guidelines With Attractive Rates

Refinance Your Current Home Mortgage Without An Appraisal

Higher-Dollar Home Loans From A Trusted Mortgage Lender

No Down Payment VA Home Loan For Military Veterans & Active Duty

Home Mortgage For Business Owners & Self-Employed

Get a 5-min Home Loan Approval & Close Your Mortgage in 14-days!

The Mike Carey Team – Offices Located in Foley and Orange Beach

316 McKenzie St., Suite 118
Foley, Alabama 36535

27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561

Mortgage Pre-approval Today – Buy This Summer

Mortgage Pre-approval Today – Buy This Summer

Mortgage Pre-approval Today – Buy This Summer

While COVID-19 keeps everyone quarantined in their homes, buying a home has become very difficult.  The market is still very tight.  There are less available homes than buyers and rates are at historic lows.  However, open houses and home tours are put on hold right now. It’s tough to find a way to buy a house.  However, that doesn’t mean that you shouldn’t get a mortgage pre-approval right now if you’re going to be ready to buy this summer.

 

The traditional home-selling season is in the spring.  Homes sell while kids are ending their school year so they can move in the summer.  However, these plans, and really the entire season are out the window.

 

Getting a mortgage pre-approval right now can get you ready to buy when the markets are back open.

 

When you are pre-approved, that can cover you for 30-60 days, depending on your situation.  This means you will be able to walk into the first open house after the lockdown and put down an offer on a home while the other buyers are still trying to get their paperwork in.

 

A mortgage pre-approval is the best way to prepare yourself for the home buying season.  Homebuyers can find out exactly how much home that they can afford, while helping narrow the field of homes that they look at.

 

With interest rates near all-time lows, the home that you thought you couldn’t buy last year can now be in your price range. 

 

You can afford more house because lower rates will make your house payment smaller.  You can also use the lower rates with a shorter mortgage term, paying off your home in 15 years instead of 30.  We can also build a custom term for your loan if 15 or 30 doesn’t work for you.

 

Buying a home with a conventional, FHA, Jumbo, VA, USDA or Bank Statement Mortgage right now is going to be difficult, because you can’t get inside, and you need to practice social distancing.  However, getting a mortgage pre-approval will put you ahead of the rest of the crowd when you’re ready to buy.

 

You can get a mortgage pre-approval the same day you contact us, without ever leaving your home.

 

Call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
  • Day 1 Certainty simplifies the process
  • Customer service no one can match

How Can We Help You?

Alabama Mortgage Lender

Best Mortgage Rate Alabama









Alabama Home Loans & Mortgages

Best Home Mortgage Options For Ideal Borrower Situations

Pay Off High Interest Debt and Cash-out Equity In Your Home

Flexible Home Mortgage Guidelines With Attractive Rates

Refinance Your Current Home Mortgage Without An Appraisal

Higher-Dollar Home Loans From A Trusted Mortgage Lender

No Down Payment VA Home Loan For Military Veterans & Active Duty

Home Mortgage For Business Owners & Self-Employed

Get a 5-min Home Loan Approval & Close Your Mortgage in 14-days!

The Mike Carey Team – Offices Located in Foley and Orange Beach

316 McKenzie St., Suite 118
Foley, Alabama 36535

27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561

Buying a Home in the Spring? Get Pre-Approved NOW

Buying a Home in the Spring? Get Pre-Approved NOW

Buying a Home in the Spring? Get Pre-Approved NOW

Before buying a home this spring, getting a mortgage pre-approval should be your first step.  It takes 5 minutes and lets you know exactly how much house you can afford.

 

With so many other buyers in the market expected this spring, you need any advantage that you can get, and a mortgage pre-approval is like a golden ticket in the housing market.

 

Getting Your Mortgage Pre-Approval

 

The mortgage pre-approval process is very smooth through our 5-Minute Loan Approval process.  Your information is taken in through either our app, the website, in-person on over the phone.  We then determine what the mortgage pre-approval number should be.

 

Remember, a pre-approval isn’t a contract.  It’s a number showing how much you can borrow, found by going through your financial picture, step-by-step, and finding out what you can afford. 

 

It’s not a final agreement, though.  When we have completed the mortgage pre-approval, we will use the information that we have gathered to find the loan amount that works best for your situation.

 

Finding the right mortgage amount, after the pre-approval, is a balance of what you want, what you can afford, and what your credit report tells us.

 

Keep in Mind

 

Your pre-approval is just the very first step in the home loan process, so you have to make sure to keep all of your other paperwork together and available for when you’re ready to buy.

 

Being prepared will speed up the process immeasurably, so we’re not waiting on paperwork to finish.  We can close for a prepared buyer in two weeks.

 

We will need to see: proof of income, tax returns, income from alimony or child support and even divorce papers. Your credit history will be pulled also to help us understand your payment history, and the risk factor in lending you a giant sum of money.

 

Why Should You Get Pre-Approved

 

It lets you know what to expect. While it may not be the exact amount that you ultimately are approved for, it will be very close, depending on how your paperwork shakes out.

 

Knowing what to expect gives you a leg up on all of the other buyers looking to buy a home in this market, where there is limited inventory and very low rates.

 

Call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
  • Day 1 Certainty simplifies the process
  • Customer service no one can match

How Can We Help You?

Alabama Mortgage Lender

Best Mortgage Rate Alabama









Alabama Home Loans & Mortgages

Best Home Mortgage Options For Ideal Borrower Situations

Pay Off High Interest Debt and Cash-out Equity In Your Home

Flexible Home Mortgage Guidelines With Attractive Rates

Refinance Your Current Home Mortgage Without An Appraisal

Higher-Dollar Home Loans From A Trusted Mortgage Lender

No Down Payment VA Home Loan For Military Veterans & Active Duty

Home Mortgage For Business Owners & Self-Employed

Get a 5-min Home Loan Approval & Close Your Mortgage in 14-days!

The Mike Carey Team – Offices Located in Foley and Orange Beach

316 McKenzie St., Suite 118
Foley, Alabama 36535

27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561

Buy a House Renting a Home is Too Expensive

Buy a House Renting a Home is Too Expensive

Buy a House Renting a Home is Too Expensive

While home values are rising quickly, the demand for homes is also raising rent prices through the roof and really putting a squeeze on renters.  Rents are rising across the board, and the real takeaway is that renting a home is too expensive for what you are getting – for a similar price you can buy a house.

 

Rent, of course, gives you nothing but a roof over your head.  You build no value or wealth, and own nothing at the end of the day.  As renters pay more and more for their homes, the value that they get for their dollar decreases quickly from there, and eventually stops being worth it.

 

However, saving for a down payment can be difficult as well. 

 

Luckily, the 20% down payment for a conventional loan is no longer the only entry point for home purchases.  There are multiple loan programs for people who need to put a smaller amount down.

 

FHA Loans are available to everyone and only require a 3.5% down payment.  This loan is ideal for low-income borrowers and first-time homebuyers, who may not have the ability to put together a large down payment.

 

VA Loans, like the Hero.Loan program, are a way for veterans to buy a home without any down payment.  It’s open to veterans, active servicemembers, and their families, and it’s the best loan that they can have.

 

The USDA Loan is another program that can give borrowers in rural areas a low down payment loan.

 

With rental home supply low, many investors are jumping into the market and buying up the available homes, pushing rental prices higher and higher, and making homes more expensive.

 

This isn’t a problem that’s going away any time soon, with home inventory still slow to develop in many communities.  It’s a great time to buy because rates are at historic levels, but you have to work to get the home that you want. 

 

Get pre-approved for your mortgage today by the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
  • Day 1 Certainty simplifies the process
  • Customer service no one can match

How Can We Help You?

Alabama Mortgage Lender

Best Mortgage Rate Alabama









Alabama Home Loans & Mortgages

Best Home Mortgage Options For Ideal Borrower Situations

Pay Off High Interest Debt and Cash-out Equity In Your Home

Flexible Home Mortgage Guidelines With Attractive Rates

Refinance Your Current Home Mortgage Without An Appraisal

Higher-Dollar Home Loans From A Trusted Mortgage Lender

No Down Payment VA Home Loan For Military Veterans & Active Duty

Home Mortgage For Business Owners & Self-Employed

Get a 5-min Home Loan Approval & Close Your Mortgage in 14-days!

The Mike Carey Team – Offices Located in Foley and Orange Beach

316 McKenzie St., Suite 118
Foley, Alabama 36535

27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561

How Do You Get the Lowest Mortgage Rate

How Do You Get the Lowest Mortgage Rate

How Do You Get the Lowest Mortgage Rate

When buying a home, one of the most vital problems to solve is “how do you get the lowest mortgage rate?”  Since this is the largest debt you are ever likely to accrue, paying the smallest amount of interest on the loan is vital to your long-term financial health.  Building wealth today starts with home ownership. 

 

Mortgage rates don’t just get picked out of the air.  They are determined by a number of factors, with your credit score as the bedrock of the number.  Everything else in your mortgage rate flows from your credit score.  If it’s too low, you will pay higher rates, or be unable to get a mortgage on your home.

 

Here are some tips on how to improve your credit score before you apply to increase your chances of getting the best mortgage rate.

 

  1. Check Your Score

 

Your FICO score, the most commonly used credit score, is how you qualify for loans.  The number is calculated through a number of factors that you can work on improving.  The basic breakdown is:

  • payment history (35%)
  • money owed (30%)
  • length of credit history (15%)
  • types of credit in use (10%)
  • new credit (10%)

 

Your credit score will generally range anywhere from 400 to 800, and if you want to get the lowest possible rate, you need a score in the 700’s.  You need to keep credit card balances low, and not have high debts in other areas. 

 

Don’t miss payments either.  Every payment that you miss is a slash to your credit score.  Make your history of payments look great, and your score will improve.  You also need to check to make sure that your credit reports are correct.  These companies do make errors, and they can hurt you badly if they are not fixed.  Experian, TransUnion and Equifax are the major credit reporting agencies.  Check them for errors before you ever apply for a mortgage and fix those errors.

 

  1. Get Rid Of Your Debt

 

As much as you can, get rid of outstanding debt.  Your Debt-To-Income Ratio or DTI should be below 43%.  DTI is defined as the ratio of money that you make, against the money that you owe.  Available credit is calculated into this number.  You basically want to be able to show that you make more money than you owe in bills each month.  If your obligations exceed 43% of your income, that’s when you turn into a bad risk for lenders and may be seen as risky to pay off your loan.

 

When you’re ready to buy (hopefully soon, with these rates!) call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
  • Day 1 Certainty simplifies the process
  • Customer service no one can match

How Can We Help You?

Alabama Mortgage Lender

Best Mortgage Rate Alabama









Alabama Home Loans & Mortgages

Best Home Mortgage Options For Ideal Borrower Situations

Pay Off High Interest Debt and Cash-out Equity In Your Home

Flexible Home Mortgage Guidelines With Attractive Rates

Refinance Your Current Home Mortgage Without An Appraisal

Higher-Dollar Home Loans From A Trusted Mortgage Lender

No Down Payment VA Home Loan For Military Veterans & Active Duty

Home Mortgage For Business Owners & Self-Employed

Get a 5-min Home Loan Approval & Close Your Mortgage in 14-days!

The Mike Carey Team – Offices Located in Foley and Orange Beach

316 McKenzie St., Suite 118
Foley, Alabama 36535

27250 Perdido Beach Blvd. #F3
Orange Beach, Alabama 36561