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Ready to buy or refinance your home? Check out your options.
» New mortgage products now available.
» Up to 90% financing with no PMI on our 7/1 ARM and Fixed-Rate mortgages
» Home equity line of credit may be the only loan you'll ever need -- and we'll pay closing costs.*
» New second mortgage program offers five-day turnaround and no closing costs — or financing up to 100% of appraised value (see below)
» Calculate your mortgage costs 
For more information on mortgages:
- Looking For The Best Mortgage , a Federal Reserve Board publication
- When Your Home Is On The Line (Home Equity Loans), a Federal Reserve Board publication
- Putting Your Home On The Line Is Risky Business (Home Equity Loans; also in PDF), a Federal Reserve Board publication
- Consumer's Handbook on Adjustable Rate Mortgages Federal Reserve Board publication (also in PDF)
- A consumer's guide to purchasing a home
Mortgage Loans
Alabama Credit Union offers two types of first-mortgage real estate loan programs, with unique features and several products available under each program. Our home equity line-of-credit and fixed-rate second mortgage programs also present extraordinary value to borrowers.
Program 1: Our 'in-house' mortgage program features:
- Lowest closing costs
- Less documentation required to obtain a credit decision (usually requires two years' proof of income, copy of sales contract or deed)
- Fixed (up to 15 years) and variable-rate (up to 30 years) loan products
- Financing up to 90% with no private mortgage insurance (PMI)
- Financing up to 95% plus closing costs with PMI
- Competitive rates
- No points
- Rate protection locks at no charge to you. If your loan is being processed* and rates increase, we'll honor the rate you were disclosed. If our same-product rate falls while your loan is being processed, you get the lower rate! (*This means 'active processing.')
- Combination closings available for first-mortgage and second-mortgage/home equity loans (further reduces your closing costs!)
- Loans for home purchases, home construction and home refinances, vacant lots and vacant land
- Current rates
Program 2: Our conventional mortgage program offers you:
- Most competitive rates
- Closing costs comparable to those charged by national mortgage lenders
- Fixed-rate (up to 30 years), variable-rate, first-time buyer and other special products
- Higher loan-to-value limits
- Escrow for property taxes and hazard insurance
- Loans usually closed through a corporation that exclusively serves credit unions, and has never sold a member's loan
- Loans for purchases, construction and refinances
- Contact us for current rates (rates change daily)
Our second-mortgage program includes:
- Home equity line-of-credit loans up to 90 percent loan-to-value
- Fixed-rate second mortgages at up to 100 percent loan-to-value (see below)
For more information about our mortgage programs and the many products available to you, call a mortgage loan officer today. In Tuscaloosa, contact Teresa Perkins at 205-348-3889 or 888-817-2002; in Huntsville, contact June Landrum at 256-824-6903.
New second mortgage program offers fast turnaround and low closing costs!
Need cash for home improvements or other reasons, and need it fast — but don’t want to pay high closing costs? Our new second mortgage program may be the answer.
The interest you pay on the loan is usually tax-deductible, and it’s quick and easy to obtain a second mortgage for home improvements, bill consolidation, vacations, college expenses, autos and more. Call us for our competitive rate for this loan!
Here’s how it works:
- Borrow up to 100% of your equity in your home (to a maximum of $50,000) for home improvements; or
- Borrow up to 100% of your equity in your home (to a maximum of $30,000) for any purpose.
- Repayment terms up to 10 years;
- Minimum loan amount is $5,000, and a lien is filed on the property;
- Owner-occupied, single-family detached residences, owner-occupied duplexes, townhomes, condominiums and vacation homes may be used for collateral. (Condos limited to $30,000 maximum loan and vacation homes allowable if not rental property);
- No appraisal usually needed if loan is 90% or less of home's value; can use tax assessment to determine home’s value!
- No closing costs for 90% loan-to-value plans. Appraisal fee is paid by borrower for 100% loan-to-value plans.
- If you're using funds for home improvement, please provide us with written cost estimates of the work being performed.
- Most loans disbursed in approximately five days.
No appraisal is usually needed if using the 90% loan-to-valuation method, as shown below:
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To determine the loan amount available in your home’s equity, use the following calculations:
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Print page and add your information:
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Example:
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1. Purchase price
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$
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$67,900
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2. Purchase price times .05 times number of years you have owned property (this is your estimated appreciation. If owned less than 12 months, line 2 will equal zero.)
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$
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3 years, so
$10,185
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3. Estimated value (add lines 1 and 2)
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$
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$78,085
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4. Multiply estimated value times .90
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$
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$70,276
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5. Subtract first mortgage balance
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$
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$59,377
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6. Your available equity loan amount is:
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$
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$10,899
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We can use a certified appraisal up to one year old for loans up to 100% of the home's value. If no acceptable appraisal is available, Alabama Credit Union will order one (appraisal fee is paid by the borrower):
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To determine the loan amount available in your home’s equity, use the following calculations:
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Print page and add your information:
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Example:
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1. Appraised value
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$
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$67,900
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2. Subtract first mortgage balance
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$
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$59,377
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3. Your available equity loan amount is:
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$
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$8,523
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For details about our low- or no-closing-cost second mortgage programs, phone a mortgage loan officer at 205-348-3889 or 256-824-6518.
Real estate loan applications not accepted via email; 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.
Need a loan? Click here , or phone 1-888-817-2002 during business hours, or 1-866-564-2848 after business hours. You'll get instant service!
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