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Financing

Simple rule of thumb for financing:

  • One weeks pay = the monthly payment
  • At 4.25% interest, for each $1000 financed the payment will be about $5 per month on a 30 year loan (Principle and Interest)
    • Add about another 10% of this number for taxes and insurance

Example:

  • For a $100,000 loan the principle and interest will be about $500 per month plus about another $50 for taxes and insurance
    • The required income for this loan will be about $550 per week
  • Lenders also consider the total debt ratios
    • Such as car payments and credit cards, not to exceed 36%,including home payment
  • Different loan programs have different requirements

Click here for Mortgage Calculator


When you are ready to start looking, contact a lender first and get pre-qualified

These lenders are ready to help with free info about loans on their websites

Mortgage Banc
          Steve Niven  205-903-1896
          sniven@mortgagebancllc.com
          mortgagebancllc.com 

SouthPoint Banking
        Dave Molde 205-335-7958
        dmolde@southpointbanking.com
        southpointbanking.com/dmolde

Classic Home Mortgage

Will Manly  205-612-6413

Email Will for free information


Historic Mortgage Rates

Freddie Mac 30 year Fixed Rate Mortgage since 1971

Buyer Closing cost

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