Mortgage Team 1, Inc is a family-owned and operated mortgage broker and lender specializing in providing home financing solutions to the residents of Alabama. With over 75 years of experience as a local Mobile lender and having served over 5000 happy customers, we have the knowledge and experience to provide each of our clients with the home loan that meets their exact needs.
Whether you are a first-time homebuyer, or a current homeowner interested in refinancing your existing mortgage, we will find the loan that is perfect for you. We offer an extensive line of mortgage products including FHA Loans, VA Loans, Conventional Loans, USDA Loans, and much more. As both a broker and a lender, we have access to other lender's loan programs so even if ours is not the best fit for you, we can find the loan that is.
Whether you are a first-time homebuyer, or a current homeowner interested in refinancing your existing mortgage, we will find the loan that is perfect for you. We offer an extensive line of mortgage products including FHA Loans, VA Loans, Conventional Loans, USDA Loans, and much more. As both a broker and a lender, we have access to other lender's loan programs so even if ours is not the best fit for you, we can find the loan that is.
Services
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Our family at Mortgage Team 1 is committed to providing our clients with the highest quality financial services. Our professional Mortgage Planners will work with you one on one to ensure that you get a financial plan that is tailored specifically to meet your mortgage needs. Whether you are purchasing your dream home, refinancing an outstanding loan, or consolidating debt, Mortgage Team 1 can help you plan and understand the right loan program.
Mortgage Terms
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Amortization-A repayment method in which the amount you borrow is repaid gradually though regular monthly payments of principal and interest. During the first few years, most of each payment is applied toward the interest owed. During the final years of the loan, payment amounts are applied almost exclusively to the remaining principal.
Adjustable Rate Mortgage
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An ARM is a mortgage with an interest rate that may vary over the term of the loan - usually in response to changes in the prime rate or Treasury Bill rate. The purpose of the interest rate adjustment is primarily to bring the interest rate on the mortgage in line with market rates. Mortgage holders are protected by a ceiling, or maximum interest rate, which can be reset annually.
Combined/Hybrid ARMs
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Borrows often lock into 3 to 10 years of fixed rate payments before the initial interest rate change. At the end of the fixed period, the interest rate adjusts annually. Fixed-period ARMs are typically tied to the one-year Treasury securities index: 3/1, 5/1, 7/1 and 10/1. ARMs with an initial fixed period beside of lifetime and adjustment caps usually have also first adjustment cap.
Conventional Loans
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Many of today's popular home loans such as FHA loans and VA loans are backed by government agencies. Government-backed loans are often tailored to buyers who do not have perfect credit or who have limited down payment availability. They are also restricted to certain loan amounts depending on the program.
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