Frequently Asked Questions

Getting a loan in Alabama whether you're interested in buying a home in Huntsville or Mobile, can lead to lots of questions which can be easily answered here:

Does it cost anything to get quotes on this site?

No, it doesn't. The quotes and information offered through this site are both free of cost and free of obligation.

Can I get any type of loan through this site?

The lenders who work through this site offer just about all mortgage types. You can speak with them about a specific loan type that interests you and best suits your needs.

Are mortgages provided by this site?

No. No loans are provided by this site or its designer.

Do you offer mortgages to people with bad credit?

There are loan programs available for persons with less-than-stellar credit. These loan types usually come with a trade-off of higher interest rates since the lower credit score makes the loan a greater risk.

How long does it take to get a mortgage once approved?

That depends a lot on you and the lender you choose. Once you've decided on a loan type a received approval from a lender, you will have to find a home and make an offer to the owner. When they agree, the home will enter what is known as "escrow", which is a period of "holding" while you and your funds and the home and the home owner are checked thoroughly to verify that the sale is legitimate and can proceed legally. The entire process can take as little as two weeks or as long as six months or more depending on how quickly needed information is pulled together.

Will I have to have a down-payment for my loan?

You will probably need to produce a down-payment of some type to get approval for a loan. 5% of the purchase price of a home you are interested in is minimal, 10% is good, and 20% would be stellar. There are no-down loan options available, however.

A seperate page of home loan do's and do not's has been created to help you with even more help with mortgages.