Mortgage Resources

Mortgage Resources for Home Buyers on the Eastern Shore of Alabama

Open-Air Business in Fairhope AL

Choosing the right home is an important decision in anyone’s life. Despite being an equally critical decision, mortgage loans are rarely a topic of conversation. As a home buyer, choosing the right kind of mortgage loan and working with the right lender are essential to your long-term happiness.

As the local real estate experts of Mobile and Baldwin Counties in Alabama, Baldwin REALTORS® seeks to improve the buying and selling process for all residents of the Eastern Shore. That’s why we provide these trusted mortgage resources that can help you make a more informed decision when looking for a loan.

Mortgage Calculator

Empty Mortgage Application Form on Table Next to Housekeys The mortgage calculator will help you discover the true costs of owning a home. A monthly mortgage payment consists of several different parts, including:

  • Principal
  • Interest
  • Homeowner’s insurance
  • Property taxes

The mortgage calculator quickly determines the total costs associated with owning your home – including interest, taxes, and insurance. In addition to calculating your monthly mortgage payment, the calculator also generates an amortization table, which illustrates how much a loan actually costs over 30 years.

Affordability Calculator

When you are looking for a home, it is important to keep in mind the amount of debt you have, your annual income, and how much of a down payment you plan on making. All these factors play a role in what your interest rate will be, and lenders commonly use these metrics to determine how much you are eligible to borrow.

Simply enter a few financial details about yourself, and the home affordability estimator will determine how much you can afford to spend on a mortgage each month and what price range you should be browsing for homes in. When you enter your information into the form, you are also given the option to have your affordability score shared with multiple lenders, potentially getting you pre-approved for a loan.

Rent or Buy Calculator

Deciding to rent or buy is a financial decision most of us will have to make at some point in our lives. The decision can be daunting, and each option has a unique set of costs associated with it. Many people believe renting is always cheaper than owning, or vice versa, but that is not the case – each situation is different, and the costs can vary greatly depending on the circumstances.

The rent or buy calculator helps you decide if buying a home makes more financial sense than renting. Factors such as monthly rent and mortgage payments, property location, and rent inflation are used to help determine which option is more affordable over the long run.

More Resources

From creative home improvement ideas that boost your home’s value to the latest insider secrets on buying and selling a home, specializes in everything homeownership. When looking for a mortgage loan or lender, consider these helpful resources and visit its website for more:

  • Before You Choose a Mortgage Lender, Read These Tips: There are three types of mortgage lenders: retail banks, credit unions, and mortgage banks. Choosing the right lender can save you time and money. As with any 20+ year commitment, it is important to make the right decision, and with this guide, you will be able to better identify where you should apply for a loan.
  • Your Stress-Free Guide to Shopping for Home Loans: When buying a home, you need to know about the different types of home loans out there. With all the choices and complexities, things can get confusing fast. In this guide, breaks down the different kinds of mortgage loans and their key differences.

Start Your Home Buying Journey with Baldwin REALTORS®

Researching mortgage loan options can be overwhelming, but you don’t have to do it alone. As the premier real estate organization on Alabama’s Eastern Shore, Baldwin REALTORS® has the resources to help you find the right lender. If you are ready to take the next step in your home buying journey, contact us today.


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