Alabama Credit Union is advertising some of the best mortgage rates available these days. The credit union is offering several different mortgage types and terms.

The credit union is also offering home loans for up to 95% of the home’s value. Home loans with 91% LTV to 95% LTV will require you to take out private mortgage insurance (PMI). Loans for up to 90% of the value of a home do not require PMI. Most banks and credit unions require PMI if the LTV is more than 80%.

The lowest mortgage rate is for their 10 year fixed First Mortgage. The current 10 year mortgage APR is 4.50 percent with an APY of 4.75 percent.

Here is a current list of mortgage rates from Alabama Credit Union:

• 10 year 4.50% APR 4.75% APY
• 15 year 5.00% APR 5.25% APY
• 30 year – Call Teresa Simpson at 205-348-3889 for rates
• 3/1 ARM – 4.75% APR 5.00% APY
• 5/1 ARM – 5.00% APR 5.25% APY
• 7/1 ARM – 5.25% APR 5.50% APY

For a quick explanation of mortgage APR and APY read: Mortgage Rates: APY vs. APR

For more information and current mortgage rates visit: http://www.alabamacu.com/index.cfm