Alabama Mortgage Refinance

Refinance Rates

caption
Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

Get specific advice for your state >>

Mortgage loans

We focus our site on home loan refinancing, but if you're looking for a new mortgage loan, we can help you too.

Evaluate your mortgage loan >> Lowering your mortgage payments Get free mortgage advice

Credit Scores

There is a close link between your credit scores and the refinance mortgage rates you'll be able to secure. We have an extensive guide on fixing up your scores and so much more on our credit scores page!

Don't let your credit score hold you back, you have more options than you know!

Refinance Loans

Start a refinance request >> Refinancing benefits Home loan refinance rates Our refinance calculators

We are the #1 independent resource for mortgage refinancing on the web; and our partners have the best mortgage refinance rates available on the web.

North of Florida, and situated between Mississippi and Georgia, Alabama is one of the deep south states. Birmingham, Montgomery, Mobile, Huntsville, Tuscaloosa, Hoover, Dothan, Decatur, Auburn, and Gadsden are the largest cities in the state. Alabama's weather is hot in the summer and cool though the winter months. The state is typically found on the hurricane path, the results of which directly impact a home owner's ability to refinance a mortgage. Factors that affect Alabama mortgage refinance due to the destruction left by various hurricanes is lower credit scores because residents could not go to work and subsequently were late on payments; rising costs of insurance; and lenders afraid to loan new monies.

Further, because of the high propensity to hurricanes, and the trend being that a major storm hits parts of Alabama every 3.6 years, lenders are more stringent in their refinancing requirements. In addition to regular insurance, Alabama mortgage refinance applicants will undoubtedly require flood insurance and some, particularly in coastal regions, will require special insurance from The Alabama Insurance Underwriting Association (AIUA).

Owning a home in Alabama may not be as expensive, though, as other states across the country. When surveyed by various real estate and lending organizations, Alabama typically comes up around the middle of the list due to moderately priced closing fees, origination fees, and title search costs. Even so, Alabama mortgage refinance is imperative, as there is a housing crisis. According to the AARP, "We are working with Congress to help people facing foreclosure so they can stay in their homes while paying off their debt, including: Allowing bankruptcy judges to restructure mortgage loans for primary residences, which would help the 11,550 Alabamians age 50+ who are in or near foreclosure".

In regards to title insurance, although these rates are estimations, for a $150,000 refinance, the title insurance policy (not including the title search, just the policy alone) would be roughly $425 for the lender and $475 for the borrower. Together, if asking for the "simultaneous issue rate", a discount, the price may be reduced to $550. Remember also, that the borrower, the home owner, pays for both policies when obtaining an Alabama mortgage refinance. The rates also assume that there is no reissue discount.

Despite the potential for bad weather and frightening storms, Alabama is still a beautiful place to live and many choose to own homes in this scenic and rambling state.

Refinance Mortgages

Mortgage Refinance Loans

Compare Refinance Rates
& Start Saving Today!

Refinance Rates

Mortgage loans

Credit Scores

Refinance Loans