General Mortgage Information
Getting your mortgage is the most important process you will go through when buying your home, aside from
finding the actual home. There are many different programs out there to choose from such as fixed rate,
adjustable rate (ARM), 80/20 loan, and varying terms to choose from (anywhere from 15 to 40 years). I have
created this section to give you a mortgage reference. Use the information on this page in conjunction with
my loan calculator and "other resources" page to learn briefly about the mortgage process. This information
should give you some good ideas about what you should ask a mortgage officer when you first talk with one.
Getting your mortgage is the most important process you will go through when buying your home, aside from
finding the actual home. There are many different programs out there to choose from such as fixed rate,
adjustable rate (ARM), 80/20 loan, and varying terms to choose from (anywhere from 15 to 40 years). I have
created this section to give you a mortgage reference. Use the information on this page in conjunction with
my loan calculator and "other resources" page to learn briefly about the mortgage process. This information
should give you some good ideas about what you should ask a mortgage officer when you first talk with one.
Loan Closing Costs
MORTGAGE INFORMATION
Mortgage Officers
Below is a list of mortgage officers for you to contact. When speaking with these professionals, discus all
aspects of your loan. Be sure to ask them any question that comes to mind. There are no stupid questions
when it comes to this subject. It is much better to be over-informed rather than under-informed.
Jason Lollar, Alabama Mortgage Professionals
Southlake Dr
Birmingham, AL 35242
205-588-6161 (o)
205-807-4726 (c)
Allen Farmer, Mortgage America Inc.
413-B Main Street
Trussville, AL 35173
205-655-5121 (o)
205-422-1205 (c)
www.birminghammortgage.org
Bryant Bander, Wachovia Bank
1725 28th Ave South
Birmingham, AL 35209
205-948-1074 (o)
205-305-1345 (c)
www.wachovia.com
Below is a list of mortgage officers for you to contact. When speaking with these professionals, discus all
aspects of your loan. Be sure to ask them any question that comes to mind. There are no stupid questions
when it comes to this subject. It is much better to be over-informed rather than under-informed.
Jason Lollar, Alabama Mortgage Professionals
Southlake Dr
Birmingham, AL 35242
205-588-6161 (o)
205-807-4726 (c)
Allen Farmer, Mortgage America Inc.
413-B Main Street
Trussville, AL 35173
205-655-5121 (o)
205-422-1205 (c)
www.birminghammortgage.org
Bryant Bander, Wachovia Bank
1725 28th Ave South
Birmingham, AL 35209
205-948-1074 (o)
205-305-1345 (c)
www.wachovia.com
| Mike Hulen |
| 205.243.5826 |
| Mike.Hulen@Century21.com |
Century 21 Alliance Group
Mike Hulen, 205-243-5826
Mike Hulen, 205-243-5826
Closing Costs are another large part of any real estate transaction. Without the money to pay these fees,
the deal doesn't close. Closing Costs always fluctuate in direct proportion to the purchase price of the
home. To simply estimate what your closing costs and pre-paids might be on a particular purchase, I
recommend multiplying the purchase price by 4%. Closing costs encompass different types of fees. These
include all of the fees charged to originate and process your loan, attorney fees, title insurance, survey
expense, appraisal, and document preparation fees are the majority of the items that make up your closing
costs. Pre-paids are simply the items that the government requires you to pay in advance such as- 14
months of Homeowner's Insurance, 2 months property taxes, 2 months PMI (if required on your loan), and
any interest that is required to be paid in advance.
Using the 4% rule and a calculator, estimate what your closing costs might be to close a loan in your price
range. For example, on a $120,000 purchase the amount would be roughly $4800. Sometimes some of
these costs can be negotiated to be paid by the seller. Most lenders however, only allow sellers to pay up
to 3% of the purchase price in closing costs. On that $120,000 purchase, a seller could only pay $3600.
Also, remember that your earnest money (deposit) that you put down with your offer IS applied to your
closing costs on the settlement statement.
the deal doesn't close. Closing Costs always fluctuate in direct proportion to the purchase price of the
home. To simply estimate what your closing costs and pre-paids might be on a particular purchase, I
recommend multiplying the purchase price by 4%. Closing costs encompass different types of fees. These
include all of the fees charged to originate and process your loan, attorney fees, title insurance, survey
expense, appraisal, and document preparation fees are the majority of the items that make up your closing
costs. Pre-paids are simply the items that the government requires you to pay in advance such as- 14
months of Homeowner's Insurance, 2 months property taxes, 2 months PMI (if required on your loan), and
any interest that is required to be paid in advance.
Using the 4% rule and a calculator, estimate what your closing costs might be to close a loan in your price
range. For example, on a $120,000 purchase the amount would be roughly $4800. Sometimes some of
these costs can be negotiated to be paid by the seller. Most lenders however, only allow sellers to pay up
to 3% of the purchase price in closing costs. On that $120,000 purchase, a seller could only pay $3600.
Also, remember that your earnest money (deposit) that you put down with your offer IS applied to your
closing costs on the settlement statement.
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“Mike's service is outstanding. He
made our real estate transaction
very efficient.”
—The Johnsons, Hoover, AL
made our real estate transaction
very efficient.”
—The Johnsons, Hoover, AL