• Allison Adams

    ABR, GRI, CHMS, RSPS

    Lake Homes Realty

    205-914-2400
    allisonpadams@gmail.com

Getting the best Financing

Finding the right home for you is your primary goal, but enjoying it with a lower payment and better mortgage terms is a very important secondary goal. I’ve researched and worked with many mortgage brokers and lenders in the Tuscaloosa real estate markets, and I’ll help you to contact those that are the best fit for you and your financial picture.

The normal mortgage for working families – Just because there’s nothing special about your income stream, and you’re getting a paycheck every week, that doesn’t mean that there won’t be differences in mortgages and lenders for your needs. Every mortgage broker and most lenders tend to work within their own requirements and procedures, and these may or may not be the friendliest terms for a salaried or hourly wage earner. I know which are going to treat you right and give you the best terms, and I’ll guide you to them.

The self–employed borrower – Since the mortgage and housing crisis that began in 2007, it’s become a grueling process for a business owner or self–employed person to get a mortgage. Documentation of income and expenses is much more detailed, and I'm up–to–date on all of it. I’ll steer you toward multiple sources for great mortgages for the self–employed.

Less than stellar credit – All types of lenders have become tougher in our new financial environment, and it’s easy to get a ding or two on your credit these days. It doesn’t even take a mistake or late payment, as credit scores are reduced for the amount and ratio of debt, as well as types of debt. Millions of people pay their bills on time and still don’t have those high end credit scores. I know the lenders in the Tuscaloosa, Aliceville, Eutaw, Gordo, and Northport real estate markets ready to provide good mortgages for less than high end credit scores, and I’ll tell you who they are.

ARMs and When They're Appropriate  Though most residential home buyers are buying a home they intend to occupy for a number of years, on average around the country at least eight, this isn't always the case. Also, investors may be looking at a shorter ownership time frame. ARMs, Adjustable Rate Mortgages, are appropriate if the plan is to own a home seven or fewer years, particularly five or fewer. Because the lender is tying up their money for a shorter defined time period, they loan at lower interest rates. ARMs can result in hundreds of dollars a month in lower payments in some cases. They can also allow a buyer to qualify for a larger home. However, this isn't generally a great practice, as once the ARMs fixed rate interest period is over, rates can escalate more than expected.

Financial Disclosure and Deal-To-Closing Considerations – Especially after the mortgage and housing problems that began in 2007, lenders and their underwriters are scrutinizing financial, income and expense information much more closely than ever before. Be prepared to dig out a lot of documentation, and it’s best to be forthcoming with any financial information that impacts your ability to pay the mortgage payment. Even if it’s not asked for early in the process, be prepared for questions and requests for documents throughout the process. Also, it’s highly recommended that you not add any credit card or other debt between the purchase contract and the closing. Just before closing, most lenders will do another credit check and a check for any liens or encumbrances.

Watch the Fees and Question Them  There are a number of fees associated with getting a mortgage, and the total of origination and other fees is usually the highest closing cost aggregate item in the deal. Never hesitate to ask about all fees, why they’re charged and why they’re a certain amount and how they’re calculated. It’s your money, and you’re the customer.

Find Nearby

  • Hospital
  • School
  • Pharmacy
  • Airport
  • Bank
  • Post Office
  • Nursing Home
  • Church
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Success Stories
  • Highly likely to recommend 02/03/2015 - herringlorie Bought a home in 2014 in Sommerville, Tuscaloosa, AL 35401. Local knowledge: 5Process expertise:5 Responsiveness:5 Negotiation skills:5 After a bad experience on a "For Sale by Owner" working with Allison made the buying process so much easier. She understood the importance of our budget and only showed listings within our budget.

    Lorie
  • Highly likely to recommend 04/20/2015 - dcook5983 Bought a Single Family home in 2014 for approximately $150K in Duncanville, AL. Local knowledge: 5Process expertise: 5Responsiveness:5 Negotiation skills:5 alison was very friendly, and would go out of her way to get us a showing or show us a house to fit our needs. great experience! she also answered our phone calls or text very promptly there was no waiting around.

    David
  • Bought a Single Family home in 2015 for approximately $175K in Brookwood, AL. Local knowledge:5 Process expertise:5 Responsiveness:5 Negotiation skills: 5 Allison was the ONLY agent that contacted me back out of 6. She was super flexible and accommodated every want or need. She sent me info on every house I inquired without getting pre-approved, while all other agents would not even speak with us until doing so. We fell in love with the very first house we viewed. Everything fell into place and we got everything we wanted. To make things even easier, her husband,Chad Adams just happens to be the finance bank guy so you get two for the price of one! She sold us the house and he financed it. He was extremely down to earth and made things very easy for us. I absolutely recommend Allison and Chad if you are looking to buy a house!! Thanks so much! Hope we remain in touch you guys are great people!!

    New Mom
  • Highly likely to recommend 03/01/2016 - josephbrentbonner Bought a Single Family home in 2015 for approximately $200K in Northport, AL. Local knowledge: 5Process expertise: 5Responsiveness: 5Negotiation skills: 5After a mutual friend gave me Allison's information, we set off on a the house buying journey. She was by far accommodating in my search for the perfect house for me. She did a magnificent job learning what I was really looking for in a house and I think we looked at almost every house in Tuscaloosa until I found the perfect one for me! Did I mention she was patient!!!

    B. Bonner
  • Highly likely to recommend 02/26/2016 - ambuh11 Bought a Single Family home in 2015 for approximately $200K in Northport, AL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Allison is awesome!!! She helped us with everything we needed to get us the perfect home!!! I highly recommend her!!! She can help you with all your house needs!

    Amber
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