Compare Montgomery, AL mortgage rates and fees from top lenders. 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 lowest mortgage rates in Montgomery.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Montgomery. Plus, shopping lenders is free and there is no obligation.
July 2, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Montgomery. Understand how much you need to earn to afford a home in Montgomery, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Montgomery fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Montgomery is right for you.
The median home value for Montgomery, AL is $158,071
Based on current mortgage rates and a 10% down payment, you need to make $25,899 per year to buy the median priced home in Montgomery
With this income, you could qualify for a $142,264 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Montgomery is $600
The median household income for Montgomery, AL is $57,413
Based on this income, you can afford a home valued at approximately $350,406
The home price you can afford to buy based on household income in Montgomery is 222% of the median home value which means housing prices are affordable. Montgomery ranks 23 out of 67 counties in Alabama and 1,297 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Montgomery, AL is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Montgomery below.
Conforming loan limits for Montgomery, AL
FHA loan limits for Montgomery, AL
VA loan limits for Montgomery, AL