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.
Mortgage Team 1, Inc offers only the most competitive rates and terms on the mortgages that we offer. In addition to home purchase loans, we also specialize in mortgage refinancing, including cash-out refinances and streamline refinancing programs.
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.
Mortgage Team 1, Inc offers only the most competitive rates and terms on the mortgages that we offer. In addition to home purchase loans, we also specialize in mortgage refinancing, including cash-out refinances and streamline refinancing programs.
Services
About
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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.
Our family's ultimate goal is to create lasting relationships with each of our clients so that we may continue providing excellent service for many years to come.
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.
Our family's ultimate goal is to create lasting relationships with each of our clients so that we may continue providing excellent service for many years to come.
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.
Annual Membership-An amount that may be charged annually for having a line of credit available.
Often charged regardless of whether or not you use the line.
Also referred to as a "participation fee."
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.
Annual Membership-An amount that may be charged annually for having a line of credit available.
Often charged regardless of whether or not you use the line.
Also referred to as a "participation fee."
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.
ARMs typically begin with more attractive rates than fixed rate mortgages - compensating the borrower for the risk of future interest rate fluctuations.
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.
ARMs typically begin with more attractive rates than fixed rate mortgages - compensating the borrower for the risk of future interest rate fluctuations.
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.
It limits the interest rate you will pay the first time your rate is adjusted.
First adjustment caps vary with type of loan program.
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.
It limits the interest rate you will pay the first time your rate is adjusted.
First adjustment caps vary with type of loan program.
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.
Conventional loans are any home loans that are not backed by a government agency.
Buyers with stronger credit and income or buyers who are searching for home loans that exceed the limits placed on government loans will find conventional loans to be a valuable option.
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.
Conventional loans are any home loans that are not backed by a government agency.
Buyers with stronger credit and income or buyers who are searching for home loans that exceed the limits placed on government loans will find conventional loans to be a valuable option.
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