Home Mortgage Loans
Secondary Market Mortgage Loans
If you are interested in buying a home or refinancing your home, contact First Metro Mortgage at 256-314-1600. Our Mortgage Department offers a variety of secondary market loan products and our experienced and knowledgeable staff can help you choose the right loan for your needs. We offer affordable closing costs and competitive interest rates on each of the following:
- Conventional Fixed Interest Rate Loans
- Up to 95% financing may be available based on credit scores and debt ratios
- Closing costs may be included in the amount financed
- Various terms are available
- When mortgage interest rates drop, there may be an opportunity to save money by refinancing your current mortgage
- The existing balance of the loan may be refinanced up to 80% of the appraisal value of the home
In-House Mortgage Loans
If you want to finance your home, but donít want to go through the secondary market, First Metro Bank offers in-house mortgage loans. Generally, closing costs are less than those costs incurred with secondary market loans. Competitive interest rates and terms are available on each of the following:
- Home Purchase Loans: Home Purchase Loans are available with financing up to 80% of the appraised value of the home. Contact a First Metro Bank Lender for more information about our in-house mortgage loans.
- Refinances: If youíre interested in refinancing your home, we offer three-year fixed interest rates and with financing available for up to 80% of the appraised value of the home.
- Construction Loans: Construction loans are a line of credit established for building your home. Home builders may make a draw on the loan to pay for building supplies and expenses. Permanent financing available upon completion.
- Second Mortgage Loans: Second mortgages are loans designed so the home owner may borrow against the existing equity in his or her home for immediate expenditures. Payments are usually based on a 15-year amortization with a fixed interest rate.
- Home Equity Lines of Credit: Equity Lines of Credit are revolving loans in which advances can be made for future expenditures (education, boat, home improvement, vacation, etc.). Interest rates on these loans may be variable or fixed.