Compare mortgage rates and fees for leading lenders in Franklin, MO. 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 Franklin.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Franklin. Plus, shopping lenders is free and there is no obligation.
August 13, 2020
The current average rate for a 30 year fixed rate mortgage in Franklin 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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Franklin. Understand how much you need to earn to afford a home in Franklin, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Franklin 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 Franklin is right for you.
The median home value for Franklin, MO is $189,787
Based on current mortgage rates and a 10% down payment, you need to make $34,157 per year to buy the median priced home in Franklin
With this income, you could qualify for a $170,808 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 Franklin is $791
The median household income for Franklin, MO is $56,791
Based on this income, you can afford a home valued at approximately $315,553
The home price you can afford to buy based on household income in Franklin is 166% of the median home value which means housing prices are average. Franklin ranks 104 out of 115 counties in Missouri and 2,240 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Franklin, MO is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Franklin below.
Conforming loan limits for Franklin, MO
FHA loan limits for Franklin, MO
VA loan limits for Franklin, MO