Georgia Mortgage Information | GA Mortgage Rates

In the great state of Georgia, you can cheer on professional sports teams like the Atlanta Hawks, relax on a peaceful farm, play golf at some of the most beautiful courses in the nation, or enjoy the bustling city life of downtown Atlanta. With everything it offers, Georgia is a great state to settle down in and purchase a home. Whether you’re looking for a vacation home in Savannah, a family home in the suburbs of Atlanta, or a cozy cabin near Chattahoochee National Forest, we can simplify your Georgia mortgage search by providing current information, facts, and figures.

 

Step 1 - Analyze Your Budget

Before you can choose which Georgia mortgage type is best for you, first you’ll need to create a comprehensive monthly expense report. Consider any outstanding debt you have (e.g. student loans, credit cards), as well as future income expectations (e.g. Do you expect to receive a raise in the future? Is your job secure?). Creating a comprehensive financial statement will help you to determine how much you can afford to pay each month on your mortgage. In turn, you’ll have a better idea of which type of mortgage is best for you.

 

Step 2 - Which Georgia Mortgage Should You Choose?

There are many kinds of Georgia home mortgages. To select the right one for you, think about how long you plan to stay in your home, your monthly budget (discussed above), and how quickly you’d like to pay off the loan. Talk to a trusted GA mortgage lender about which mortgage type is best for you. Below are four popular Georgia mortgages types.

 

  • ARM: An Adjustable Rate Mortgage (ARM) has a low initial interest rate that is set for a specified time period (e.g. 5 years). After that time, the interest rate adjusts according to current market rates. This means that your monthly mortgage payment could increase, or decrease, depending on market averages. Individuals who do not plan to live in their home for a long period of time often choose an ARM.
  • FRM: A Fixed Rate Mortgage (FRM) is unlike an ARM in that it has a set interest rate and monthly payment that remains the same for the entire Georgia mortgage loan term. Individuals who can lock in a low rate, or who plan to stay in their home for at least seven years, often benefit from a FRM. Also, if you are living on a fixed income with no chance of increase, you may want to make your monthly mortgage payment fixed as well.
  • IO: An Interest Only (IO) Mortgage gives Georgia mortgage holders the option to only pay the interest on their mortgage for a specified time period (usually 5 to 10 years). During this time, the principal loan balance remains unchanged. After the interest-only term expires, homeowners must pay both interest and principal. Many Georgia homeowners choose an IO Mortgage if they have limited monthly cash flow and need to have a low initial mortgage payment.
  • HEL: If you already own a Georgia home, and need to borrow money to pay for home improvements, credit card bills, or basic living expenses, you can tap into your home equity with a home equity loan (HEL). The amount you can borrow is based on your home’s current market value, your mortgage’s outstanding balance, and your credit score.

 

Step 3 - Compare Georgia Mortgage Lenders

Now that you’ve analyzed your budget and determined which mortgage type is best for you, it’s time to compare Georgia mortgage lenders. Do not simply look at the bottom line (i.e. mortgage payment). You’ll also need to evaluate the stated interest rate and the APR (Annual Percentage Rate) offered by GA mortgage lenders. APR is important to consider because it includes the mortgage’s upfront closing costs.

 

Finally, it is imperative that you select a Georgia mortgage lender that is reputable, trustworthy, and financially-stable. We can help match you with an accredited GA mortgage lender in minutes, bringing you one step closer to owning your dream home in Macon off of I-75, in Athens near the University of Georgia, or in the beautiful town of Columbus. Contact us today to revceive a free home mortgage rate quote!