Home Loans
The mortgage department of West Alabama Bank provides customers with the flexibility of long term fixed rate home loans with terms ranging from 10-30 years. These loans are sold at closing and typically have lower interest rates than the bank can offer on loans that we keep. We offer home loans for purchases, refinances, and construction to term loans with competitive rates, prompt processing and quick closings.
Types of Home Loans
Your West Alabama Bank Mortgage Banker can help you select the mortgage loan that fits your needs. West Alabama Bank has the people and products to make your dream come true, whether this is your first, your fifth, or your “home away from home”. We offer home loans with competitive rates, prompt processing and quick closings. Talk with us about the type of home loan to best serve you and your family. We are happy to provide a free consultation.
FHA Loans
Federal Housing Administration (FHA) home loans with West Alabama Bank can make it easier for you to qualify for a home purchase or refinance with flexible loan qualification guidelines. FHA requires only a small down payment.
- 30, 20, 15, & 10 year loans available
- Small down payment
- Purchase and refinance options on primary residences
- Fixed and adjustable rates available
- No pre-payment penalty
Conventional Fixed Rate Loans
A West Alabama Bank Conventional Fixed Rate Mortgage allows you to plan your home loan budget over the life of the loan. That’s because fixed rate mortgages give you the security of fixed principal/interest payments over the life of the loan, offering you protection against inflation or rising interest rates.
- 30, 20, 15, & 10 year loans available
- Low down payment options
- Purchases and refinances on primary residences, 2nd homes, and investment properties
- No pre-payment penalty
Adjustable Rate Loans
With a West Alabama Bank Adjustable Rate Mortgages, your interest rate will stay the same generally for three, five or seven years, and then can change periodically after that. That makes ARMs an excellent choice of financing and you generally get a lower initial rate and monthly payment.
- 30, 20, 15, & 10 year loans available
- Low down payment options
- Purchases and refinances on primary residences, 2nd homes, and investment properties
- Lower initial interest rates compared to fixed rate loans
- No pre-payment penalty
Home Improvement Loans
Your home is more than a shelter. It’s the stage for what matters most in life, from baby steps and birthday parties to family dinners. You want to enjoy the space as much as you cherish the memories being made within it. Our home improvement loans can help you with major home repairs and remodels or even small projects. Whatever the need, our lenders will guide you every step of the way.
- Variety of financing options, such as taking out an unsecured loan or a second mortgage, or using the equity in your home as collateral
- Funds cover just about anything such as a new addition, a remodeled kitchen, a roof repair, or energy efficient appliances
- Competitive interest rates
- Flexible terms
- Local lenders committed to matching you with the best financing for your situation
Home Equity Loans
If you own your home, chances are it’s worth more than what you owe on it. That difference is called equity. You can withdraw your equity in the form of a loan and use it to pay for just about anything, including a college education, home renovation, dream vacation, business start-up, or to consolidate credit card debt.
- Lump sum distribution
- Competitive interest rates
- Flexible lending terms, ranging from 5 to 10 years
Personal Loans
At West Alabama Bank, we offer loans to help finance most any personal expense. Whether you need extra cash to pay taxes, want to consolidate your debts into a single monthly payment or would simply like to take a much-needed vacation, we can help.
- Variety of term options
- Prompt service and decisions
- Competitive rates
Auto Loans
With flexible terms and prompt processing, we can help make your next automobile purchase hassle-free and financially sound. Talk with us about competitive financing for both new and used vehicles.
- Available for new and used automobile purchases.
- Competitive financing
Boat Loans
Why spend next weekend on land? Whether you buy your boat from a private party or a dealership, we can provide competitive rates, convenient payment tools and flexible term lengths. Let our lending experts help you realize your dreams.
- Available for new and used purchases.
- Competitive financing
ATV Loans
Let us help your ATV and Recreational vehicle ownership dreams come true.
- Available for new and used automobile purchases.
- Competitive financing
Pre-Approved Loans (PAL)
Our PAL is a personal line of credit that provides overdraft protection for your checking account, as well as a pre-approved credit line whenever you need it. PAL gives you peace of mind.