Home Purchase Loan Services in Birmingham, Huntsville & Mobile
When it is time to purchase a new home in Birmingham, Huntsville, Mobile, and any other city throughout our Alabama service area, contact Weber Mortgage. We have been operating since 1999 and have earned an excellent reputation among the clients. Our experts offer superior rates and services for VA, FHA, conventional, non-qualifying, and other types of home loans.
From the first contact to the final closing, your biggest investment is our priority. We make your home loan process clear and straightforward. Contact us online today to take the first step in making your dream to own home come true in Danville, Elberta, Beaverton, Campbell, and other cities throughout Alabama.
Benefits of Buying vs. Renting a House in Alabama
Is it better to buy or rent a home in Alabama? Both offer benefits. Before making any decision, it is wise to do a fair comparison:
Benefits of Buying
- No landlord means you can make your house a home you want without anyone else's approval.
- Unlike rent payments, the interest you pay with your mortgage payments can be tax-deductible.
- You can find a mortgage tailored to your budget and goals to keep your monthly payment from increasing.
Benefits of Renting
- Your landlord is often responsible for home repairs and upgrades.
- You won't have to buy homeowners' insurance or pay property taxes on your home.
- Moving can be easier since you won't have to sell your home or find renters when you leave.
Evaluating Your Financial Situation Before Buying a Home
Start by reviewing your bank accounts and billing statements to get a handle on how much money you are making and spending each month. If you're planning to buy a house with someone else (like your spouse), review their finances as well, and then ask yourself the following questions:
- Do you have a stable income/job?
- Are you able to put away some money each month into a savings account?
- Do you have a plan for managing debt, like student loans and car payments?
- Do you typically pay your credit card debt quickly? Keeping your credit debt low will help you qualify for a better mortgage.
- Do you have some money already saved up for emergencies? A good rule of thumb is having three months of income saved.
- Do you have money for a down payment and closing costs? You should avoid using your emergency savings for this, or you could put yourself in a tight situation.
Determining Your Down Payment
The amount needed for a down payment depends on the type of loan and how much the house costs. The more you put into a down payment, the lower your monthly payment will be, and the more you'll save on interest. Conventional loans typically require a down payment of at least 5% of a home's price. FHA loans require as little as 3.5%.
Along with your down payment, you'll have to pay closing costs, or fees associated with processing and securing your loan. These can vary depending on the price of the house and the type of mortgage, but estimate between 2% and 5% of the home's value for closing costs. Also, make sure to compare VA, FHA, conventional, non-qualifying, and other types of home loans available.
Let Weber Mortgage Help You Find a Home Purchase Loan in Dora, Eva & Danville, AL
It’s human nature to build a family and want that family to live in its very own home. At Weber Mortgage, we are a family-owned company that exists to help you find the best possible home to fit your needs and your budget.
Visit: Weber Mortgage