Remembering Veterans on Pearl Harbor’s Anniversary

Remembering Veterans on Pearl Harbor’s Anniversary

Remembering Veterans on Pearl Harbor’s Anniversary

December 7th, 1941 was the day that will live in infamy for Americans.  The Japanese launched a deadly sneak attack on Pearl Harbor, a Hawaiian port, attempting to pre-empt any American involvement in World War 2 and prevent the United Stated from fighting them over Asian conquests during that war.

At the time, the United States was following a policy of isolation, refusing to take part in Europe’s war.  However, the cowardly sneak attack by Japan on their former ally had the opposite effect on the American attitude, galvanizing the country to join the war effort against both the Japanese empire and their allies in the Axis, Germany and Italy.

The attack cost 2,403 service members’ lives and wounded 1,178 more.

We wanted to do something to help servicemembers, veterans and their families, and that’s why we launched Hero.Loan.  The Hero.Loan program is VA Loans done right, with shorter closings (as little as 14 days), lower interest rates, and as a thank you for your service, we pay for your appraisals out of pocket.  We don’t roll it into the loan like most companies, we actually write a check for each appraisal.

The VA Loan is the best program for veterans, active service members, and their families.  It offers lower rates and 100% financing to qualified applicants, and has helped millions buy and refinance their homes since its creation in 1944 as part of the GI Bill of Rights.

If you are a veteran, active servicemember or their family, 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

Get Rid of Credit Card Debt For the Holidays

Get Rid of Credit Card Debt For the Holidays

Get Rid of Credit Card Debt For the Holidays

The holidays are stressing people out this year, and not just because they can’t find this year’s Tickle Me Elmo.  They’re ready to get rid of credit card debt for the holidays.

When a poll was taken this year by Country Financial, about 70% of adults are stressing about money woes this holiday season.

A full half of the surveyed people responded that they wanted to have a debt (mortgage, student loans or credit cards) eliminated for the holidays, and only 19% wanted a vacation or some kind of large item.

This is harder than it seems though.  On average, people need $58,673 to get themselves completely out of debt, according to Country Financial.  This number grows every year as everything gets more expensive and salaries don’t grow apace.

The Federal Reserve reports that consumer debt has topped $4 trillion!

Much of this debt is due to credit cards.  These are by far the most convenient, but most expensive, way to borrow money.  The interest rates on credit cards are, on average, at 17.25%, according to CreditCards.com.  And this is compounding interest.  If you’re paying the minimums every month, you’ll be in debt until you die.  Credit card debt will quickly grow until you’re just trying to pay off things you bought years ago.

Even though most people shopping for the holidays are in debt, Experian says that their poll shows that they will spend an average of $1,679 this year on gifts, a 75% increase over last year.

So what’s the solution?  For homeowners, there’s a great way to solve the credit card problem.  A Cash Out Refinance lets you take value out of your home and use it to pay off your higher-interest loans.  It’s the best way to get out of credit card debt. 

With interest rates near all-time lows, and home values skyrocketing, there has never been a better time to get out of credit card debt with a cash out refinance.

When you’re ready to get rid of your credit card debt, 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

75 Years of VA Loans

The United States has a long history with the VA Loan.  In 1944, Congress passed the Servicemen’s Readjustment Act, which was also known as the GI bill.  For the past 75 years, this landmark law has helped the brave men and women who served our country with everything from college educations to home loans.  In the 75 years of VA Loans:

  • The Veterans Administration has guaranteed almost 24 million home loans
  • This has let almost 82% of all VA Loans be set with no down payment
  • The VA has granted millions to help disabled Veterans to help them purchase, enhance, or build a home that will help meet their needs and live their lives in comfort and dignity. Last year alone the VA released 2,000 grants at $104 million dollars.

The VA Loan is the best possible loan for veterans, active service members, and their families.  The VA Loan has multiple benefits that other loans do not provide.  These benefits include:

  1. No down payment – There is no down payment requirement with a VA Loan.  You can move into your new house with no money down, or take out a 100% refinance loan from the home.  There are no equity requirements on this loan.
  2. No Private Mortgage Insurance – Private Mortgage Insurance, or PMI, is additional insurance added to your loan in order to mitigate the lender’s risk on a loan with less than 20% equity.  This lets the borrower get a loan with a smaller down payment, but adds extra money to your loan every month that doesn’t go towards paying off your loan.  The VA Loan program doesn’t have this stipulation, unlike other loan programs with smaller down payment requirements.
  3. Lower credit score requirements – VA Loans have less of a barrier to entry on your credit score as well.  Veterans, active service members, and their families don’t have to have perfect credit to get a VA Loan and all of the benefits that come with it.
  4. No cost appraisals – This one is a Hero.Loan exclusive.  We pay for every appraisal on VA Loans as a thank you to your service.
  5. 14 day closings – OK, this is another Hero.Loan exclusive.  Since we are delegated at the highest level for VA Loans, we make our own credit decisions.  This lets us close your VA Loan in as little as 14 days, and lets you use the benefits you’ve worked so hard for without missing out on the home of your dreams.

The VA Loan program has been a huge success for veterans, active service members, and their families.  With millions of borrowers able to buy homes thanks to the program, it’s one of the best benefits of a military career.

If you are a veteran, active servicemember or their family, 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

Cash-Out Refinance – Skip Two Months of Mortgage Payments

Cash-Out Refinance – Skip Two Months of Mortgage Payments

Skip Two Months of Mortgage Payments With a Cash Out Refinance

With the holidays right around the corner, and Black Friday staring us in the face, it’s a great time to skip two months of mortgage payments, isn’t it? Sound crazy? Well, with a cash-out refinance with us, you can skip two full months of payments on your mortgage after closing.


However, that’s only one reason to refinance your home right now.


Mortgage interest rates are still sitting near their all-time lows, and your home has never been more valuable. It’s the perfect time to take some cash out of your home and pay off credit cards.


With the holidays fast approaching, so many bills are coming with them. Everything from presents for the kids to travel costs and food is going to cost you during the season, and too often, these expenses get put on the credit cards. That doesn’t need to be the case this year.


A cash-out refinance can help with a lot of issues. You can use the money to finance Christmas bills this year, or add on to your home for more guests, or pay off your credit cards before the holidays. It’s your equity, you have access to it.


The last estimate showed that there were $6.3 trillion dollars in available tappable equity in homes. With average 30-year rates in the 3’s, there’s a lot of people out there that can take money out of their homes and not see their payments rise.
Make sure that you get your cash-out refinance application in as soon as possible so that you can take advantage of these great low rates and high home values. Using our 5 Minute Loan Approval app is the fastest way to get your loan application submitted and completed.


If you are ready for a cash-out refinance, 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 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

Renovate Your House Before the Holidays

Renovate Your House Before the Holidays

Renovate Your House Before the Holidays

Everyone loves the holiday season.  It’s bright, festive, and a great excuse to get together with family and friends that you haven’t seen all year to celebrate.  It’s also a logistical nightmare.  You have people coming from out of town that have no place to stay, they show up uninvited, or just assumed you had a bed for them.  What are you supposed to do?  That’s why it’s important to make this the year that you renovate your house before the holidays, and with mortgage interest rates near all-time lows, there’s never been a better time.

 

Why do mortgage interest rates mean that you should pounce?  Well, it’s Cash-Out Refinance season!  The kids are back in school, vacations are over, and you’ll never find a better set of circumstances to get that work done. 

 

If you’ve always wanted to add a guest bedroom, finish the basement, or put in a gazebo to stand under in the snow, you can use the equity in your home to make it happen.  A Cash-Out Refinance lets you use the equity that you have paid, and that the market has given you in terms of rising home values, to build in a low-interest manner and make your home the place to celebrate the holidays.

 

So, look forward to the holidays this year!  Show off your new man cave, spare bedroom, or outdoor firepit and let your family and friends celebrate the season with you.  Don’t stress about where to put them, and just enjoy your time together this year.  Bring the family into your new dining room and celebrate the season together instead of standing around the kitchen with paper plates.

 

This is a real opportunity for you to remake your home and turn it into the gathering place that you always wanted it to be.

 

To start your holiday season out the right way, 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

Why Now Is a Great Time to Buy a Home

Why Now Is a Great Time to Buy a Home

Why Now Is a Great Time to Buy a Home

Even though owning your own home has long been considered a major part of the American dream, only 64% of American are currently homeowners.  That means a lot of you are still renting, saving, and hoping to buy a home soon. 

 

Well, now is a great time to buy a home because interest rates are at or near all-time lows. 

 

While everyone knows that you can get a conventional mortgage with 20 percent down, not everyone knows that there are a variety of other programs that can help people buy that home if they aren’t able to save 20 percent of the cost of the home.  With rent increasing and wages not growing with inflation, that can be an unreachable number for some families to get to.

 

An FHA loan will get you into a home with only a 3.5% down payment.  You will have to pay PMI, or private mortgage insurance.  However, it removes a substantial barrier to entry for people who aren’t able to put away that kind of money.

 

If you’re eligible, a VA loan is the best loan you can get, and right now it’s even better.  Lower rates are still lower rates, and you can get 100% financing on a VA Loan on your home.  Our Hero.Loan program enhances this with 14 day closings and we pay for your appraisals.

 

With interest rates so low, you really can buy more home than you think.  It gives you lots of options on how to buy.  If you want a lower payment, you can get a lower payment.  If you want to limit the term to 15 years, you can.  Buying a house that you thought was out of your price range is feasible now because you can get that lower interest rate and have a lower payment.

 

For a lot of reasons, this is one of the best times in recent history to buy a home.  Rates are low, meaning that you can get more house for less money, or you may be able to buy a house when you didn’t think that you could.

 

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

Will Mortgage Rates Be Affected By the Fed’s Rate Drop

Will Mortgage Rates Be Affected By the Fed’s Rate Drop

Will Mortgage Rates Be Affected By the Fed’s Rate Drop

The big news Wednesday was the Federal Reserve decreasing the cost of borrowing money, by cutting the benchmark interest rate by one quarter of a percentage point, to 1.75%.  This can have a large impact on interest rates going forward, but the benchmark rate and mortgage interest rates don’t necessarily go hand in hand. 

Your main borrowers affected by this news are going to be borrowers with an ARM, or adjustable-rate mortgage, and even so, it will not be a large change.  The best explanation of this is that the fed rate and mortgage rates are not directly linked.

 

The Fed rate is used for short-term borrowing, and the mortgage rate is a long-term proposition, typically 15 or 30 years.  Long term mortgage rates generally rise at the same levels as 10-year treasury bonds, although these two are not actually linked, either.

 

10-year treasury bonds and mortgage rates usually rise in tandem because they are the same type of loan – a stable, long-term investment that is attractive for stable, long-term investors.  They aren’t tied in any way other than the fact that they compete for the same dollars, but they are reliable indicators of each other’s growth and decline.

 

Your mortgage rate won’t likely drop because of this change to the fed’s benchmark rate, unfortunately.  It’s not a large enough drop and doesn’t move the markets.  In fact, most markets had anticipated this drop and prepared for it, writing at least a quarter point drop into their projections. 

 

This is illustrated by the interest rate not changing a point Thursday, despite the news.  When the markets can prepare for news, the news doesn’t move the market.

 

While some homeowners that have ARMs may see a slight decrease depending on when they are scheduled to reset, it doesn’t change the fact that mortgage rates for fixed rate mortgages have held steady at historic low levels.  The rates for 15-and-30-year mortgages are hovering in the mid-3% level, as opposed to 4.6% a year ago. 

 

This percentage point difference is a massive incentive for both new homebuyers and current homeowners who want to refinance.  That savings on a $200,000 mortgage can give you an extra $125 to $150 back in your pocket every month in a refinance and save you as much on a new home purchase.

 

This is a historically great time to purchase a home or refinance one.  You will save money if you can refinance your home right now.  You can afford to buy a bigger home right now.  A cash-out refinance right now can rid you of your credit card bills, put money in your pocket, and fund home repairs and improvements.  The sky is the limit and you have many choices about how to handle a lower interest rate like you have today.  We just want to help you make the right one.

 

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

VA Loan Facts From Hero.Loan

The VA Loan program is the best mortgage available for veterans, active servicemembers and their families.  They have great features and offer more advantages than almost any type of loan.  It’s a great thank you for military service.  No matter what any lender tells you, the VA Loan is always going to be the best loan you can get if you are eligible, and here are some reasons why.

 

No down payment

The show-stopper.  Buying a home up to $417,000 with no down payment is an enormous advantage over conventional and FHA loans that require anywhere from 3.5% to 20% down payments.  This is a huge benefit to buying a home and has led many people who never thought they would be able to buy a home to move into their dream home. 

Do the math.  If you wanted to buy a $200,000 home with a conventional mortgage, you’re looking at a $40,000 down payment to get to 20%.  Anything less than that and you’re paying PMI, or Private Mortgage Insurance.  An FHA Loan requiring 3.5% down is still $7,000 on that house.  Saving up that much cash is hard for anyone, and making the process easier for people who are in and out of the country makes so much sense.

This benefit really helps veterans get into their home without having to scratch and claw to save up that giant down payment.

 

Government guaranty

The federal government isn’t ACTUALLY in the habit of giving out mortgages – that’s our job.  What the VA Loan program does is guarantee the mortgage to private VA-approved mortgage companies and banks like us.  This is a promise on the part of the VA to repay the loan if the borrower defaults.  It helps the lender have more confidence in lending the money and allows them to give credit without the down payment that normally mitigates the risk.

This opens the program up to more and more borrowers that may never have had the opportunity to own a home. 

 

No private mortgage insurance

Remember when we mentioned PMI?  That doesn’t come with a VA Loan the same way it would with any other loan where you have less than 20% equity.  If you have an FHA or Conventional Loan plan that required less than a 20% down payment, you are going to be on the hook for that PMI payment every month to guarantee the loan. 

VA Loans don’t require this for anything, even 100% financing.  According to the VA, this has saved vets billions of dollars over the course of their loans.

 

It’s not a one-time benefit

Many veterans have been misled that this is a one-time benefit.  It’s not.  Once you are VA-eligible, you are for life.  You don’t have to completely repay your loan to use the VA Loan again, but it does depend on how much of your VA entitlement is still available to you.

 

No appraisal fee

Hero.Loan also has its own benefits.  You will never pay for an appraisal fee with Hero.Loan, and it’s not rolled into the price of your loan either.  We actually pay that out of our own pocket as a thank you for your service.

 

14 Day Closings

Since we are VA delegated, we are able to close VA Loans in as little as 14 days.  Most lenders will tell you that VA Loans are hard to close or can take up to 90 days.  That’s because they have to go through other approvals, while we make our own credit decisions and can speed through the process to make sure that you get 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