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Up to 80% Total Loan-to-Appraised Value (Type 1) |
Up to 90% Total
Loan-to-Appraised Value(No PMI!)
(Type 2) |
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10 Year Fixed, First Mortgage |
Call for quote |
Call for quote (available only on Program 1 products) |
Private Mortgage Insurance (PMI) required for loan-to-value of 91% to 95%. More info about our low-closing cost options. |
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15 Year Fixed, First Mortgage
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Call for quote |
Call for quote (available only on Program 1 products) |
Private Mortgage Insurance (PMI) required for loan-to-value of 91% to 95%. More info about our low-closing cost options. |
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30 Year Fixed, First Mortgage |
Call for quote |
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Call Teresa Perkins at 205-348-3889 or June Landrum at 256-824-6903 for details on this product. Find out more about our conventional real estate loan program. More info about our low-closing cost options. |
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3/1 ARM
(30 Year Amortization), First Mortgage |
Call for quote |
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Subject to annual adjustments after first 36 months. Based on 1-year Constant Maturity Treasury Bill plus margin of 2.75 percentage points. After 36 months, interest rate may adjust 2.0 percentage points per year for a lifetime adjustment of 6.0 percentage points. PMI required for loan-to-value of 81% to 95%. More info about our low-closing cost options. |
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5/1 ARM
(30 Year Amortization), First Mortgage |
Call for quote |
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Subject to annual adjustments after first 60 months. Based on 1-year Constant Maturity Treasury Bill plus margin of 2.75 percentage points. After 60 months, interest rate may adjust 2.0 percentage points per year for a lifetime adjustment of 5.0 percentage points. PMI required for loan-to-value of 81% to 95%. More info about our low-closing cost options. |
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7/1 ARM
(30 Year Amortization), First Mortgage
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Call for quote |
Call for quote |
Subject to annual adjustments after first 84 months. Based on 1-year Constant Maturity Treasury Bill plus margin of 2.75 percentage points. After 84 months, interest rate may adjust 5.0 percentage points at the initial adjustment, and 2.0 points annually thereafter, for a lifetime adjustment of 5.0 percentage points. The margin added to 90% LTV loans is 3.00 percentage points.
PMI required for loan-to-value of 91% to 95%. More info about our low-closing cost options. |
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Home Equity Line of Credit
(Adjustable Rate only) |
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Accept a first advance of at least $10,000, and we'll pay closing costs. Details. |
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6.75% (for quarter ending March 31, 2008) |
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80% equity; subject to adust quarterly. Based on 3-month Treasury Bill’s average rate for previous calendar quarter (4.85%), plus margin of 3.4 percentage points. Minimum monthly payment amount is 1.25% of the initial loan advance. Credit union may pay closing costs for loans of $10,000 or more (balance may not drop below $5,000 within 730 days). |
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7.75% (for quarter ending March 31, 2008) |
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90% equity; subject to adjust quarterly. Based on 3-month Treasury Bill’s average rate for previous calendar quarter (4.85%), plus margin of 4.4 percentage points. Minimum monthly payment amount is 1.50% of the initial loan advance. Credit union may pay closing costs for loans of $10,000 or more (balance may not drop below $5,000 within 730 days). |
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Second Mortgage,
10-Year Fixed |
Call for quote |
Call for quote |
Terms and conditions apply.
NEW! Now up to 100% loan-to-value financing available. |
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Second Mortgage Purchase Money, 10-Year Fixed |
Call for quote |
Call for quote |
Use this loan in combination with a first mortgage to purchase a home -- up to 100% loan-to-value financing. |
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Vacant Lots, First Mortgage |
Call for quote |
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Up to 10 years; 75% loan-to-value (recorded subdivisions only); maximum loan is $75,000. |
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Vacant Land, First Mortgage |
Call for quote |
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Up to 15 years; 70% loan-to-value; maximum loan is $75,000. |
The above rates are for reference only and are subject to change for better or worse, depending on market condition. Real estate loan applications not accepted via e-mail; please download a printed application, complete and forward to Alabama Credit Union’s main office at 220 Paul Bryant Drive East, Tuscaloosa, AL 35401, or our Huntsville office at UAH-851 John Wright Drive, Huntsville, AL 35899.
*HOME EQUITY LINE OF CREDIT. Rate: APR may vary in relation to an index. Initial rate is a discounted rate of 3.9% APR until December 31, 2008 for new loans up to 90% of home's value if application is received by March 15, 2008, and loan is closed between February 26, 2008 and March 31, 2008. Rate will change on January 1, 2009, based on the prior quarter's average 13-Week Treasury Bill (for quarter ending December 31, 2007, 3.28% APR), plus a margin of 3.4 percentage points for 80% value loans, or 4.4 percentage points for 90% value loans. Minimum payment: 1.25% of loan advance for 80% value loans, or 1.5% of loan advance for 90% value loans. If a balance remains on the maturity date, a balloon payment will result. Borrower agrees to repay closing costs paid by Alabama Credit Union if loan balance falls below $5,000 within 24 months after opening. Loans made on primary residence only. Consult a tax advisor regarding deductibility of interest. Offer applies to new Home Equity Line of Credit loans only; existing loans excluded. One VISA Gift Card with prepaid value of $200 will be presented to borrower(s) at closing; card will not be replaced if lost or stolen.
VISA BALANCE TRANSFER. New balance transfers only; existing loan balances at Alabama Credit Union not eligible for reduced rate. Rate converts to 10.9% APR for VISA Gold credit cards, or 12.9% APR for VISA Classic credit cards, or 8.9% APR for VISA Classic Lite credit cards after discounted rate expires on Dec. 31, 2007.
CONSUMER LOANS. APR available to qualified borrowers. Consult Alabama Credit Union's Loanliner Open End PLUS Addendum for details. Existing loans not eligible to refinance at this rate.
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