How Does a Mortgage Refinance in Alabama Work?

How Does a Mortgage Refinance in Alabama Work?

How Does a Mortgage Refinance in Alabama Work?

How does a mortgage refinance in Alabama work? It’s basically taking out a new loan to pay off the original mortgage. Most often, this is done to use lower interest rates to lower your payment, take cash out, or change the length of the term.

 

It’s basically the same process as when you got your original loan. You talk to several mortgage companies, trying to get the best rate and terms possible, and compare them against each other. Then take the best offer and put it up against your current loan to make sure it’s an advantage.

 

If you have managed to improve your credit since the original loan, you will likely get a better loan now, depending on interest rates.

 

Why Should You Get a Mortgage Refinance in Alabama?

 

There are a lot of different reasons to refinance, and they all depend on your situation.

 

If you are paying too much for your mortgage every month, you can lower the rate and payment. This works well if rates have dropped since you first signed up, and you can save money on the interest you’ll pay both monthly and over the course of the loan.

 

If you’re swimming in equity, meaning money paid into the home and rising value of your property, you can cash out a portion from a refi to pay off bills, make a large purchase, or make home improvements or repairs.

 

If you have an adjustable rate mortgage, or a HELOC, you can change it to a fixed rate in order to avoid market swings and know what your payment will always be.

 

You can also change the length of your mortgage. Usually, if you opt for a shorter term on your mortgage, you can get a lower interest rate. Dropping the spread down from 30 years to 20 or 15 can save you interest payments on the loan.

 

How Can You Qualify For a Mortgage Refinance in Alabama?

 

It’s going to be about the same qualifications for a mortgage refinance in Alabama that you had for buying the home. The lender will have to look at your:

Credit history and score
Payment history on your existing loan
Income and employment history
Equity in the home
Home’s current value
Other debt obligations

 

If you have improved these, or have kept them the same and rates are lower, you should qualify for a better loan than what you had previously.

 

Will a Mortgage Refinance Hurt My Credit?

 

First, there will be a hard inquiry on your credit, which can drop your score by a few points. If you have multiples of these in a small window, anywhere from 14 to 45 days, they will typically count as one, lessening the total impact. However, shopping again over several months can have a harmful effect, and drop your credit score further.

 

You can also take a length of credit history hit when your old mortgage is replaced with a new one.

 

You can also take a hit if you miss payments during the process, so make sure that you keep up with all payments during this time!

 

If your credit score is on the edge of qualifying, these could be the push that keeps you from getting a better refinance.

 

Keep it Steady During the Mortgage Refinance Process

 

Buying big-ticket items during the refinance process or getting unexpected money coming in can affect your ability to get a mortgage refinance in Alabama. This can change your debt-to-income ratio and keep you from getting the terms that you are looking for.

 

While you are completing the mortgage process, don’t make any changes to your lifestyle, like a new job.

 

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

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

The Mortgage Refinance For First Responders in Alabama

First Responders, including firefighters, police officers, EMTs and nurses, put their lives on the line every day on the front lines, in all types of environments. They work in rain and snow, and blistering heat. They provide help to people in natural disasters. They are the people that you want to show up in an emergency to help, so we wanted to help them back with the best mortgage refinance for first responders in Alabama.

 

Our program offers a mortgage refinance for any first responder or healthcare worker in Alabama that qualifies, with the added bonus of a free appraisal, a free loan check-up, and a donation to a first-responder related charity.

 

We love our first responders and health care workers, and have worked to give back to them in as many ways as possible, from donating to first-responder charities to sending them lunch during the current COVID-19 pandemic, where they are even more important than ever.

 

These heroes have stood in the face of this disease, as well as an untold amount of emergencies, and helped strangers.

 

A free appraisal is just that for first responders – we pay for the appraisal on their home! Depending on the loan program, this can save borrowers anywhere from $400 to $4500! The appraisal is the step in the mortgage refinance for first responders in Alabama where the home’s value is assessed for the purposes of the new mortgage.

 

We will also work up all of the loan options for a mortgage refinance for first responders in Alabama for free. We’ll let you know how much you can save, how much you can take out, or how far you can shorten your mortgage.

 

This program works across multiple loan platforms. If you want to take cash-out to put in a pool or make repairs on the home, you can qualify. If you want to shorten the length of your loan, use the first responder program. If you just want to reduce your monthly payment, that’s a great way to utilize the mortgage refinance for first responders program in Alabama.

 

So if you are a first responder looking for a mortgage refinance in Alabama, use the one that is designed to help you.

 

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

A Cash-Out Refinance in Alabama to Put in a Pool

A Cash-Out Refinance in Alabama to Put in a Pool

A Cash-Out Refinance in Alabama to Put in a Pool

I don’t know where you are as you read this, but right here, it’s HOT. The only solution for a hot summer is a pool, and with social distancing in place, having your own pool is a game-changer. That’s why a cash-out refinance in Alabama to put in a pool is the best choice you can make if you have equity in your home.

 

A cash-out refinance in Alabama takes the equity that you have built in your home by making payments and the home’s value increasing, and lets you take out a new loan against it. You can then take this low-interest money to do anything. Options include paying off credit cards, making large home repairs, and adding new improvements to your home. There is no limit to what you can spend your money on.

 

With interest rates as low as they have been in years, it’s the perfect time to use that hard-earned cash in your home to turn your home into the neighborhood hotspot with a brand new pool. You’ll be the envy of your block as you swim in your new pool, and you won’t pay as much in interest as you would if you put the project on credit or a loan.

 

A cash-out refinance in Alabama is a great way to both refinance your mortgage and borrow money. There are some caveats though. You want to make sure to keep at least 20% equity in your home for starters. If your home is worth $250,000 and you still owe $150,000, you have $100,000 in home equity, or 40 percent of the value of the home. That leaves you at $50,000 that you can borrow before you get back below that 20% mark and have to include PMI (Private Mortgage Insurance) in the equation.

 

You’d take out a new loan for $200,000 (the $150,000 that you owe plus $50,000) and at closing, you’d get a check for $50,000 at the close, not including the closing costs.

 

When market rates have dropped, as they likely have since you bought the home, while your home has risen in value, you can take out more money from your home.

 

If you use the funds to buy, build or improve a home, you can deduct mortgage interest paid on loan principle up to $1 million for a couple. The best part? When you take out a cash-out refinance in Alabama from us, you can skip two full months of mortgage payments!

 

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

Home Values in Alabama Soaring – Refinance Now

Home Values in Alabama Soaring – Refinance Now

Home Values in Alabama Soaring – Refinance Now

After watching the housing purchase market almost shut down completely back in April, people are itching to buy, and that is increasing the value of your home.  With home values in Alabama soaring, it’s time to refinance now and save thousands.

 

States are loosening the social distancing requirements, and that’s leading to a rush of home buyers at open houses.  After the coronavirus pandemic forced many home sellers to pull their houses off of the market due to an inability to sell, it pushed an already meager selection of available homes to the breaking point.

 

New listings were dropping quickly, even seeing half as many new listings during the second week of April compared to 2019’s rates that same week.  With short supply and high demand, the houses that are available, and by extension, your home values in Alabama, are rising in value rapidly.

 

Sellers still are not flying back in to the market, whether because they have changed their minds, or that they just don’t want strangers in their homes during a pandemic.

 

Buyers are also seeing those incredibly low mortgage interest rates and itching to get out off their current homes, whether they rent or own.  Being cooped up in your own place for months on end tends to highlight its flaws, after all.

 

With interest rates at all-time lows, and home values soaring, it’s time for a mortgage refinance.

 

Homeowners can refinance to a lower mortgage interest rate to lower their monthly payment, or take out cash from their home, or shorten the length of their mortgage commitment. 

 

Lowering the monthly payment lets you spend your hard-earned money on other things every month.  Saving hundreds of dollars off of your mortgage every month can be turned into car payments, or college payments, or you can buy a boat, or a vacation home.

 

Taking out cash from the home is a great way to pay off credit cards or other high-interest debt that is draining your bank accounts every month, or to perform repairs or upgrades to your house.

 

Shortening the duration of your mortgage allows you to own your home more quickly, and save thousands of dollars over the course of your mortgage.

 

Plus, after every mortgage refinance, you don’t have to make a mortgage payment for two whole months! That’s a great way to put these rising home values in Alabama to work for you!

 

 

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

Alabama Mortgage Refinancing From Home

The global pandemic is keeping people in their homes, but it’s not keeping people from mortgage refinancing in Alabama.  That’s because mortgages can be done digitally, with little to no face-to-face contact. 

 

During times like this, and times when there are not pandemics, there needs to be an alternative to the traditional way of doing mortgages, and we offer a mortgage refinancing option in Alabama that allows borrowers to complete each step, from start to finish, without ever leaving the comfort of their home.

 

Our 5 Minute Loan Approval program has allowed us to continue closing loans at the same speed that we have been known for.  Even though we are all working remotely, it hasn’t stopped our production, as loans continue to close in record time.

 

Many mortgage companies are adding conditions to their loan programs, slowing down the process even further.  We have gone in the opposite direction.

 

Mortgage refinancing in Alabama has never been easier. 

 

Whether you are looking to get cash out to pay off credit cards, shorten the term of your loan, lower your monthly payment, or any other reason, now is the time to do it.

 

With Americans spending hours online every day looking for COVID-19 news, homeowners can spare five minutes to find out what their options are.

 

Mortgage refinancing in Alabama can be used to add on to your home or make needed repairs as well.  If you’ve always wanted a deck or a pool, a cash-out refinance can get it done. 

 

With mortgage rates near all-time lows, if you bought your home years ago, you can save thousands of dollars over the course of your loan using our mortgage refinancing programs.

 

Borrowers who are paying PMI (Private Mortgage Insurance) can also benefit by refinancing to a conventional loan if they have already built 20% equity in their home.  Eliminating the PMI payments from your loan is a major benefit of many refinances.

 

Another HUGE benefit of mortgage refinancing with our team is that borrowers can skip two full months of mortgage payments after completing the process.  What could you do with two months off from making your mortgage payment?

 

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