Locust Fork, AL Mortgage Rates and Refinance Rates

Mortgages in Locust Fork, AL: Find the best Locust Fork, AL mortgage rates today from banks and credit unions. When results are displayed for mortgage rates in Locust Fork, AL, you can easily sort your search results by lender, rate, APR and points so you can easily compare results. Whether you’re looking for conforming, jumbo, adjustable or interest-only mortgage rates in Locust Fork, AL. Another option is searching for Locust Fork, AL refinance rates if you're looking to refinance a loan. Best of all you don't have to provide any personal information to see a list of Locust Fork, AL mortgage rates or refinance rates.

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Locust Fork, Alabama Conforming Mortgage Rates and Refinance Rates

Conforming home mortgage rates in Locust Fork, AL are the most popular type of mortgages rates you can find advertised for home buyers in Locust Fork, AL. Conforming mortgages, also known as conventional mortgages, are mortgages that meet certain criteria set out by Federal Housing Finance Agency (FHFA). There is a loan limit set for each county in the United States. Higher mortgage loan limits are set for high housing cost areas. Locust Fork, AL mortgages that 'conform' to the standards set out by the Federal Housing Finance Agency can be purchased by government sponsored entities (GSE) like Freddie Mac and Fannie Mae. This process guarantees Locust Fork, AL banks, mortgage companies and credit unions are able to resell home mortgage loans that they make. This process also makes Locust Fork, AL conforming mortgage rates and refi rates lower than Locust Fork, AL jumbo mortgage rates and jumbo refinance rates because the GSE's can’t purchase jumbo mortgages that are made by Locust Fork, AL home finance companies, credit unions and banks.

Jumbo Mortgage Rates and Refinance Rates in Locust Fork, Alabama

Jumbo mortgage rates in Locust Fork, AL are advertised for home loans that have a dollar amount that is higher than conventional loan amounts. Jumbo mortgage rates and jumbo refinance rates are always higher than conventional mortgage rates for both fixed mortgage rates in Locust Fork, AL and adjustable mortgage rates in Locust Fork, AL. Interest rates are higher because third party investors buy the home loans credit unions, banks and mortgage companies in Locust Fork, AL make.

Locust Fork, Alabama Fixed Mortgage Rates and Fixed Refinance Rates

Locust Fork, AL fixed rate mortgages are the most common mortgage available to borrowers. With a fixed mortgage the interest rate stays the same for the entire loan period. Fixed mortgages are available in 40 years, 30 years, 20 years, 15 years and 10 years. The longer the mortgage term the lower the monthly mortgage payment will be.

Locust Fork, Alabama Adjustable Mortgage Rates

Adjustable Locust Fork, AL mortgage rates are fixed for a period of time and then the mortgage rate adjusts every year after. The most common adjustable mortgages terms available in Locust Fork, AL are 1 year, 3 year, 5year and 7 year. Adjustable rate mortgages are advertised as 1 year, 3/1, 5/1 and 7/1. Adjustable mortgages are available for conforming dollar amounts and jumbo dollar amounts in Locust Fork, AL. Most adjustable mortgages in Locust Fork, AL have yearly caps and life time maximum caps on how high the interest rate can fluctuate.



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Locust Fork FDIC Insured Banks

Bank Name

FDIC Cert Number

Address

Peoples Bank of Alabama

22537 29900 State Highway 79, Locust Fork, AL 35097