Up to 95% Financing on Mortgages from Alabama Credit UnionAlabama Credit Union has several different types of mortgages that have good rates including 15 year mortgage rates at 4.25%. Alabama Credit Union also offers financing for up to 95% of a home's value. This is notable because most lenders (especially these days) are only offering financing up to 80% of the home's loan-to-value (LTV) ratio. During the housing boom a few years ago, buyers could get financing for 100% or more of a home's value with no proof of income. Predictably, the rates on home loans for more than 80% financing are higher. Another good point about the credit union's loan program is they will loan you up to 90% of a home's value without requiring Private Mortgage Insurance (PMI). PMI is insurance that you pay that protects the lender in case you default on the loan, which is deemed more likely when you borrow more than 80% of the value. PMI is usually required for a loan more than 80% of the value of the property. Fixed rates
Adjustable Rates
The rates above posted on the credit union's website and are effective as of February 8, 2011 Alabama Credit Union. The credit union also has published home equity line of credit (HELOC) rates from 5.00% to 6.00%, 10 year second mortgage rates at 8.00%, vacant lot and vacant land loan rates of 7.90%. If you're interested in applying for a home loan, you'll need to join the credit union. Applying for a home loan can be done by printing out their loan application, found here: Alabama Credit Union Home Loan Application. Completed applications can be mailed to Alabama Credit Union’s main office at: 220 Paul Bryant Drive East, Tuscaloosa, AL 35401, or their Huntsville office at UAH-851 John Wright Drive, Huntsville, AL 35899. |
