Compare mortgage rates and fees for leading lenders in Florence, AL. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Florence.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Florence. Plus, shopping lenders is free and there is no obligation.
October 20, 2019
The current average rate for a 30 year fixed rate mortgage in Florence is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Florence, AL (Lauderdale County) is $147,117
The median household income for Florence, AL (Lauderdale County) is $46,260
Based on current mortgage rates and a 10% down payment, you need to make $27,295 per year to buy the median priced home in Florence
The home price you can afford to buy based on household income in Florence is 169% of the median home value which means housing prices are average
Florence (Lauderdale County) ranks 59 out of 67 counties in Alabama and 2,195 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Florence, AL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Florence (Lauderdale County) below.
Conforming loan limits for Florence, AL
FHA loan limits for Florence, AL
VA loan limits for Florence, AL
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index