First Metro Bank is a community bank serving in several counties of Colbert, Franklin, Lauderdale, Alabama. The bank offers three type of financial services including checking accounts, savings accounts and lending services.
More Details about First Metro Bank’s Secondary Mortgage Loans
If you plan to buy a new home or have a plan of refinancing the home, First Metro Mortgage offers a wide variety of secondary loan products to meet your needs. The loans are well designed with competitive rates and flexible terms. Here is a simple review.
Once mortgage interest rate drops, you’ll be eligible for the opportunity to save money just by refinancing the mortgage. And if you have interest in refinancing the home, the bank offers loans with three-year fixed interest rates. And you can borrow up to 80% of the appraised value of your home. In generally, the closing costs will be less than those costs incurred with secondary market loans.
There are also home purchase loans designed with a three-year fixed interest rate and payments of 20-year amortization.
Second mortgage is a special type of loan designed for home owner to borrow against the existing equity in the home. Its payment is based on a 15-year amortization with a fixed interest rate up to 5 years.
- Website: www.firstmetro.com
- Tel: 256-314-1600