Mortgage Information

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

I would be happy to refer you to some very good mortgage contacts I have in the area!

 

Mortgage Trends & Lending Analysis

There were 724 residential loans filed at the time of sale in March, up 19% from last year.
 

The average mortgage amount was up 3% to $173,728 with an average sales price of $195,258 making the average loan to value ratio 89%.

 

Collierville (38017) had the most loans recorded at the time of sale with 76 loans total averaging $297,823.

  

467 loans filed were conventional fixed rate, 179 were FHA fixed rate, 15 were VA fixed rate and 9 were short term loans, loans due within one year.

 

The top lenders in March based on the total number of residential loans filed at the time of sale were Community Mortgage with 59 loans, Magna Bank with 51 loans and Iberiabank with 39 loans.

 

Pulse Report by Chandler Reports, April 7, 2015

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing de bt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determ ine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.