The Most Recent Alabama Mortgage Rates for Your Home Loan or Refinance
Looking for your very own Sweet Home Alabama? From the historic streets of Birmingham, to the unbeatable views from the top of Mount Cheaha, Alabama might be the right place for you to set down roots. Whether you are a new homebuyer or are looking to refinance an existing Alabama mortgage, Aspire Lending is a certified Alabama mortgage lender and an expert in the field of Alabama home loans.
Our direct connection to the most current Alabama mortgage interest rates lets you know when the time might be right to pursue a mortgage or refinance. Bookmark this page and refer back often if you are interested in securing an Alabama low rate mortgage as rates are subject to change. Wondering which kind of mortgage to get in Alabama? See below our guide to common mortgages in Alabama to see which kinds you might qualify for. Already an Alabama homeowner? If you check below you can also find the most recent Alabama refinance rates as well.
TODAY'S ALABAMA INTEREST RATES: MORTGAGE REFINANCE*View APR disclosure.
Conventional Refinance
Conventional Refinance 15 Year - Fixed
Interest* APR*
Conventional Refinance 20 Year - Fixed
Interest* APR*
Conventional Refinance 30 Year - Fixed
Interest* APR*
Home Equity / Cash Out Refinance
Home Equity / Cash Out 15 Year - Fixed
Interest* APR*
Home Equity / Cash Out 20 Year - Fixed
Interest* APR*
Home Equity / Cash Out 30 Year - Fixed
Interest* APR*
FHA Streamline Refinance
FHA Streamline 15 Year - Fixed
Interest* APR*
FHA Streamline 30 Year - Fixed
Interest* APR*
VA Interest Rate Reduction Refinance Loan (IRRRL)
VA IRRRL 15 Year - Fixed
Interest* APR*
VA IRRRL 30 Year - Fixed
Interest* APR*
USDA Streamline Refinance
USDA Streamline 30 Year - Fixed
Interest* APR*
Jumbo Refinance
Jumbo Refinance 30 Year - Fixed
Interest* APR*
TODAY'S ALABAMA INTEREST RATES: MORTGAGE PURCHASE *View APR disclosure.
Conventional Purchase
Conventional Purchase 15 Year - Fixed
Interest* APR*
Conventional Purchase 20 Year - Fixed
Interest* APR*
Conventional Purchase 30 Year - Fixed
Interest* APR*
FHA Purchase
FHA 15 Year - Fixed
Interest* APR*
FHA 30 Year - Fixed
Interest* APR*
VA Purchase Loan
VA 15 Year - Fixed
Interest* APR*
VA 30 Year - Fixed
Interest* APR*
USDA Purchase
USDA 30 Year - Fixed
Interest* APR*
Jumbo Purchase
Jumbo Purchase 30 Year - Fixed
Interest* APR*
Alabama Rate & Term Mortgage Refinance
If you refinance your Alabama mortgage to adjust the interest rate and term, it can be a very simple way to save money. A conventional refinance of your Alabama mortgage loan offers the flexibility to adjust your mortgage payment amount or reduce the total interest you will pay over the loan term. We offer low rates for your Alabama home loan refinance at Aspire Lending. Come back to this page to check current interest rates and let us know when you are ready to refinance your Alabama Mortgage with a conventional rate and term refinance.
Loan Qualification Guidelines:
Conventional Refinance
- Minimum FICO Credit Score: 620
- Maximum Loan to Value: 95%
- Maximum Debt to Income: 45%
- Mortgage Insurance: Yes (for 80% LTV and above)
Alabama Home Equity Loan
Alabama home equity loans are a great way for homeowners in this state to transform the value in their home to liquid cash. You may consider taking out an Alabama home equity loan to free up cash for paying bills, make home improvements, or finance a different large purchase. Aspire Lending has the latest Alabama mortgage rates including the most recent Alabama home equity loan rates. Bookmark our website and check back often to see when Alabama home equity loan rates change so that you can ensure you get the best deal possible.
Loan Qualification Guidelines:
Home Equity Loan
- Minimum FICO Credit Score: 620
- Maximum Loan to Value: 80%
- Maximum Debt to Income: 45%
- Mortgage Insurance: No
Alabama Mortgage Cash Out Refinance
A cash out refinance is useful for homeowners who are looking to refinance their existing Alabama mortgage and take cash out of their earned home equity. An Alabama cash out refinance allows you to take advantage of the equity you've built up in your home and pay a lower interest rate. If you are interested in seeing the latest Alabama mortgage refinance rates check this page often.
Loan Qualification Guidelines:
Cash Out Refinance
- Minimum FICO Credit Score: 620
- Maximum Loan to Value: 80%
- Maximum Debt to Income: 45%
- Mortgage Insurance: No
Alabama FHA Loan: Streamline Refinance
The streamline refinance loan is a type of Alabama FHA loan that allows you to lower your FHA interest rate. Lowering your Alabama FHA loan interest rate with Aspire is a simple and quick refinance process, and it might be right for you if you believe there is room to reduce your interest rate on your current Alabama FHA mortgage. FHA loans are backed by the US Federal Housing Administration and they do not require an appraisal. Aspire Lending is an Alabama FHA-approved lender.
Loan Qualification Guidelines:
FHA Streamline Refinance
- Minimum FICO Credit Score: 640
- Maximum Loan to Value: 95%
- Maximum Debt to Income: 50%
- Mortgage Insurance: Yes
Alabama VA IRRRL Loan
United States military veterans who live in Alabama can potentially benefit from an interest rate reduction refinance loan on their current VA mortgage. Check back with Aspire Lending often for the most updated Alabama VA loan rates.
What is a VA IRRRL loan?
An IRRRL loan, more accurately referred to as an IRRRL, is a loan which meets the United States Veterans Administration’s threshold to have its monthly payment lowered or stabilized. IRRRLs are only offered to those who already have a loan through the VA.
Loan Qualification Guidelines:
VA IRRRL
- Minimum FICO Credit Score: 660
- Maximum Loan to Value: 100%
- Maximum Debt to Income: 41%
- Mortgage Insurance: No
Alabama USDA Loan: Streamline Refinance
An Alabama USDA Streamline Refinance loan will allow you to refinance your current Alabama USDA loan to more favorable terms. The USDA does not require an updated appraisal to refinance an Alabama USDA mortgage to a lower interest rate and payment. Many Alabama homeowners with USDA rural properties utilize the opportunity to get a streamline refinance to save them money on their mortgage payments and interest. Aspire Lending offers great rates on USDA streamline refinance loans in Alabama, check this page for the most up to date interest rates.
Loan Qualification Guidelines:
USDA Streamline Refinance
- Minimum FICO Credit Score: 620
- Maximum Loan to Value: 100%
- Maximum Debt to Income: 41%
- Mortgage Insurance: Yes
Alabama Jumbo Refinance Loan
Refinancing your Jumbo mortgage to a lower interest rate can save you a lot of money over the life of the loan. A loan is “Jumbo” if it is for more $647,200, though this number can be changed. Aspire Lending offers some of the lowest interest rates on Jumbo loans in Alabama.
Loan Qualification Guidelines:
Jumbo Refinance
- Minimum FICO Credit Score: 700
- Maximum Loan to Value: 80%
- Maximum Debt to Income: 43%
- Mortgage Insurance: No
Alabama Conventional Home Purchase Loan
Conventional loans in Alabama offer flexible options for home buyers. A conventional Alabama home purchase mortgage has a minimum 5% down payment. There is also a conventional first-time home buyers loan program that offers a minimum 3% down payment for Alabama mortgage applicants buying a primary residence for the first time.
Loan Qualification Guidelines:
Conventional Loan
- Minimum FICO Credit Score: 620
- Minimum Down Payment: 3%-5%
- Maximum Loan to Value: 97%-95%
- Maximum Debt to Income: 45%
- Mortgage Insurance: Yes (for 80% LTV and above)
Alabama FHA loan
An Alabama FHA loan is provided by an FHA-approved lender such as Aspire. Alabama FHA loans, like all FHA loans, are backed by the US Federal Housing Administration. An Alabama FHA loan could be the right option for you if you are looking for a mortgage in Alabama, but also need to put less than 10% down. With a minimum down payment amount of 3.5% of the total home purchase price, FHA loans are a great option for first time Alabama home buyers. Aspire always has the latest Alabama FHA loan rates so check back frequently to see when the right time for you to get an Alabama FHA loan could be. The Alabama FHA streamline refinance loan allows you to lower your FHA interest rate with a simple and quick refinance process.
Loan Qualification Guidelines:
FHA Loan
- Minimum FICO Credit Score: 620
- Minimum Down Payment: 3.5%
- Maximum Loan to Value: 97.5%
- Maximum Debt to Income: 50%
- Mortgage Insurance: Yes
Alabama VA Loan
Alabama Veterans Administration loans support our armed forced community by helping them secure a mortgage with beneficial VA loan terms such as a lower interest rate or longer term. To qualify for a VA loan in Alabama requires you to be a current or former member of the US armed forces in good status or a qualifying spouse. Aspire Lending is a certified mortgage lender offering Alabama VA loans to those who have served or are serving in the armed forces. Check Aspire Lending often for the most updated Alabama VA loan rates.
Loan Qualification Guidelines:
VA Loan
- Minimum FICO Credit Score: 620
- Minimum Down Payment: 0%
- Maximum Loan to Value: 100%
- Maximum Debt to Income: 41%
- Mortgage Insurance: No
Alabama USDA Loan
Alabama USDA loans are a type of mortgage for residents of Alabama who are interested in living in rural and developing locations as identified by the USDA. If that matches your description read on as you may be entitled to seek an Alabama USDA loan. The USDA Loan Program is federally backed through the United States Department of Agriculture. As you might expect, USDA loans come with some geographical restrictions along with other caps; such as one on income and another limiting purchases to only single-family homes. If you think you meet the qualifications for an Alabama USDA loan, then reach out to Aspire to speak with one of our Alabama mortgage specialists. We always have the most recent rates on Alabama USDA loans so check back frequently.
Loan Qualification Guidelines:
USDA Loan
- Minimum FICO Credit Score: 620
- Minimum Down Payment: 0%
- Maximum Loan to Value: 100%
- Maximum Debt to Income: 41%
- Mortgage Insurance: Yes
Alabama Jumbo Loan
An Alabama jumbo loan is for you if you are looking to take out a larger than average loan in the state of Alabama. These loans are for an amount greater than $647,200 though this number can be changed. Aspire is a certified Alabama mortgage lender offering Alabama jumbo loans at the latest rates. Check this page often to see the most recent Alabama jumbo loan rates.
Loan Qualification Guidelines:
Jumbo Loan
- Minimum FICO Credit Score: 700
- Minimum Down Payment: 20%
- Maximum Loan to Value: 80%
- Maximum Debt to Income: 43%
- Mortgage Insurance: No
