Kreg Newman - PROSPERITY MORTGAGE
NMLS#: 508141
Contact Information
📞 Cell: (205) 616-1513
📧 Email: kreg.newman@phmloans.com
📠 Fax: (833) 599-1980
Office Address
105 Euclid Avenue
Mountain Brook, AL 35213
Eric Kelly – Assurance Financial
📞 (205) 542-2327
📧 ekelly@assurancemortgage.com
🌐 assurancemortgage.com/EricKelly
Buying a home is stressful enough—you don’t need guesswork when it comes to financing. That’s why I trust Eric Kelly at Assurance Financial. He’s responsive, experienced, and knows how to navigate the local lending landscape with ease. Whether you're a first-time buyer or upgrading to your forever home, Eric takes the time to explain your options and find the loan that fits you.
If you want a lender who answers his phone, solves problems fast, and plays well with agents (yes, that matters), Eric’s your guy.
Weber Mortgage is a local, family owned, second-generation mortgage company. Whether you’re buying your first home or an experienced real estate investor, having a mortgage team you can count on is crucial. For more than 24 years Weber Mortgage has been that team.
Contact Michael Weber
NMLS: 219938
1442 Montgomery Hwy
Vestavia Hills, AL 35216
(205) 823-6701
michael@webermortgage.com
No Down Payment? Here’s What to Do Next
If saving for a down payment feels impossible, don’t panic — you still have options. This video walks you through low-down-payment loans, down payment assistance programs, creative financing strategies, and what lenders look for when you don’t have 20% saved (or even 5%)! Before you count yourself out, watch this and learn the paths that can still get you into a home.
FAQs About Getting a Mortgage
1. How much do I need for a down payment?
Not as much as you think. Many buyers qualify for 3–5% down, and some loan programs even offer 0% down. The “20% rule” is old-school — helpful if you can do it, but not required to buy a home today.
2. What credit score do I need to get approved?
3. Should I get pre-approved before I start looking at homes?
4. How long does the mortgage approval process take?
5. What is included in my monthly mortgage payment?
Words to Know
Home Mortgage:
A loan offered by a bank, mortgage company or other financial institution for the purchase of a primary or investment residence. In a home mortgage, the owner of the property (the borrower) transfers the title to the lender on the condition that the title will be transferred back to the owner once the loan has been fully paid and all other terms of the mortgage have been met.
Borrower:
The person borrowing the mortgage money, who either has or is creating an ownership interest in the property.
Lender:
Any organization lending the mortgage money, but usually a bank or other financial institution (Lenders may also be investors who own an interest in the mortgage through a mortgage-backed security. In such a situation, the initial lender is known as the mortgage originator, which then packages and sells the loan to investors. The payments from the borrower are thereafter collected by a loan servicer.).
Principal:
The original dollar amount of the loan, which may or may not include certain other costs; as any principal is repaid, the principal amount will decrease.
Interest:
A financial charge for use of the lender's money.
Mortgage Loan Types
The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable-rate mortgage (ARM) (also known as a floating rate or variable rate mortgage).
In a fixed rate mortgage, the interest rate, remains fixed for the life (or term) of the loan. In case of an annuity repayment scheme, the periodic payment remains the same amount throughout the loan. In case of linear payback, the periodic payment will gradually decrease.
In an adjustable rate mortgage, the interest rate is generally fixed for a period of time, after which it will periodically (for example, annually or monthly) adjust up or down in relation to a market index. Adjustable rates transfer part of the interest rate risk from the lender to the borrower, and thus are widely used where fixed rate funding is difficult to obtain or prohibitively expensive. Since the risk is transferred to the borrower, the initial interest rate may be, for example, 0.5% to 2% lower than the average 30-year fixed rate; the size of the price differential will be related to debt market conditions, including the yield curve.
Mortgage Loan Process
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