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Alabama Mortgages (AL)According to a recent story in the Birmingham Business News, the housing market in Alabama is ahead of last year. The pace of sales has increased over last year, which broke records for sales. Alabama has a 6.86 month supply of housing at this time. Housing is affordable in Alabama, with prices rising slightly after a five-month modest decline in the average price. It is a buyer’s market. Mortgage rates fell slightly in early April, making this a good time to purchase or re-finance. Quick Alabama Housing factsPercent of Alabamans who own a home: 72.5%Percent of Renters in Alabama: 27.5% Median Alabama Household Income: $37,860 Best City to live in Alabama: Trussville, Alabama Request an Alabama Mortgage Quote >> How Much House Can I Afford in AlabamaOne of biggest problems facing Alabama homebuyers is figuring out how much house they can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Some things to keep in mind when figuring out how much you can afford is: what is your debt-to-income ratio, how long to you want to stay in your home, and what your credit score is. All these factors are important when a lender decides to give you a loan or not.Request an Alabama Mortgage Quote >>
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