The Best Mortgage Lenders in Montgomery, AL
Compare verified mortgage lenders serving Montgomery, Alabama. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Montgomery
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender in Montgomery known for its exceptional customer service and competitive rates. With over 28 years in the industry, they specialize in a wide range of loan products and have a strong local presence, earning high marks for transparency and efficiency in the mortgage process. Their team in Montgomery is praised for personalized guidance, making them a trusted choice for homebuyers in the area.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded in Montgomery for its fast closing times and community-focused approach. Founded in 2008, they offer a variety of loan options with an emphasis on customer satisfaction and local expertise. Their Montgomery branch receives consistent positive reviews for responsive service and competitive rates, making them a reliable option for both new and experienced homebuyers in the region.
Loan Types:
Regions Bank Mortgage
Regions Bank
Regions Bank is a well-established financial institution with a strong mortgage presence in Montgomery, offering comprehensive lending solutions and in-person service. Though founded earlier, their mortgage services have built a reputation over decades for reliability, competitive rates, and extensive local branch networks. Customers appreciate their seamless integration with banking services and commitment to the community, backed by high customer satisfaction ratings.
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Frequently Asked Questions
Common questions about mortgage lending in Montgomery, AL
What are the current average mortgage rates in Montgomery, AL?
Mortgage rates in Montgomery typically align with national averages but can be slightly lower due to Alabama's overall lower cost of living. As of recent data, 30-year fixed rates in Montgomery often range between 6.5% and 7%, though this varies by lender and borrower qualifications. It's advisable to compare rates from local credit unions like River Bank & Trust or Regions Bank, which sometimes offer competitive local promotions.
Are there any first-time homebuyer programs specific to Montgomery?
Yes, the Alabama Housing Finance Authority (AHFA) offers the Step Up program, which provides affordable fixed-rate mortgages and down payment assistance to eligible first-time homebuyers in Montgomery. Additionally, the City of Montgomery occasionally partners with local nonprofits for neighborhood revitalization programs that offer closing cost assistance in targeted areas like the Garden District or Cloverdale.
How does Montgomery's property tax structure affect my mortgage payments?
Montgomery County has relatively low property taxes compared to national averages, with an effective rate around 0.37% of assessed value. This means your escrow payments for property taxes will typically be lower than in many other cities. However, it's important to note that Alabama homeowners insurance rates can be higher than average, which may offset some of these savings in your overall monthly payment.
What special considerations should I know about getting a mortgage in Montgomery's historic districts?
If you're buying in designated historic districts like Old Cloverdale or Cottage Hill, you may need specialized insurance and should budget for potentially higher maintenance costs. Some lenders may require additional inspections for historic properties, and you'll want to investigate if your mortgage allows for historic preservation easements. The Montgomery Historic Development Commission can provide guidance on any restrictions that might affect your financing options.
Are there any local mortgage programs for military families stationed at Maxwell-Gunter AFB?
Absolutely, many Montgomery lenders offer VA loan expertise and special programs tailored to military personnel at Maxwell-Gunter AFB. Local banks like First Community Bank of Central Alabama often have loan officers specifically trained in VA lending, and some offer discounted origination fees for active duty military. Additionally, the on-base Housing Assistance Office can provide referrals to military-friendly lenders familiar with the unique timing needs of PCS moves.
Nearby Cities
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Why Choose a Mortgage Lender in Montgomery?
Local Market Knowledge
Lenders who understand Montgomery's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Alabama.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Montgomery and get competitive rates on your home loan.