Mortgage Banking

When you’re thinking of buying a home, Progress Bank is thinking forward. How can we help? How can we make the experience better, faster, more convenient? We’re local; all the decision makers are right here in North Alabama, and we understand your needs. You have a lot of home lending options at Progress Bank, and we’ll explore them with you—then put together the combination of terms and rate that fits you best.

Buying or refinancing a home may be one of the most important financial decisions you make, whether you’re thinking of your first home, your dream home or a family vacation home. There are a lot of factors to think about, but you won’t have to do it alone. We can help you decide if a fixed or variable rate is better for you, whether a conventional mortgage or some of the alternative home loan options will work best.

Loan Application

Conventional Fixed Rate Mortgages

Our long term, fixed rate mortgage is the traditional way to finance a home. The interest rate stays the same for the entire term of the mortgage, so your monthly principal and interest payment is always the same.

Adjustable Rate Mortgages (ARM)

With an Adjustable Rate Mortgage, your initial rate is lower than the rate on a fixed rate mortgage. This means lower monthly payments at first, a real savings that can help you offset the costs of your down payments, closing costs, moving expenses and so on.

Construction Loans provide financing while you build your new home or remodel your existing home. Funds can be advanced as you need them to cover current construction costs.

Refinancing your home may be a very smart financial decision. Progress Bank can help with that, too. Again, we’ll look at the options and customize a loan that fits you best.

FHA Mortgage loans are fixed rate mortgages administered by the Federal Housing Authority that typically require lower down payments, feature easier qualification, and offer other advantages. Let us help you determine if you qualify.

VA Loans are available to qualified veterans and active duty military persons guaranteed by the United States Department of Veterans’ Affairs.  VA loans generally feature no down payments and financing up to 100%  of purchase price without requiring mortgage insurance. Seller can pay all closing costs.

First Time Home Buyers—We want to help our neighbors become homeowners.  We’ll work with you to help make that happen with a variety of programs to choose from designed specifically for first time home buyers. 

Conventional 100% Loan Programs —We may be able to arrange 100% financing, helping you to own your own home without a down payment. No income restrictions. Rate determined by credit scores.

Home Equity Loans and Lines of Credit allow you to use the equity in your home to finance remodeling and home improvements as well as major purchases and unexpected expenses. You’ll want to consult your tax advisor: interest you pay on a Home Equity Loan or Line of Credit may be tax deductible.

Land Loans offer financing for land for agricultural or recreational use.

In Huntsville, please call us directly a 256.319.3630.
In Decatur, call 256.280.9195.

Progress Bank offers a variety of fixed and variable rate lending options to meet a wide range of needs with the extremely personalized service that lets Progress Bank uncomplicate banking for you. We want you to think forward with us. Talk with us about mortgage lending and let us help you come home to your dream home.

Thinking forward.

Mortgage Calculator

Use this convenient link.