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Georgia Mortgage Rates

Understanding Georgia Mortgage Loans and Rates

If you love peanuts, pecans and peaches, you’ll love living in Georgia. There’s no better time than right now to buy a Georgia home. And if you’re already a Georgia homeowner, now is also a good time to consider refinancing. Knowing the mortgage basics will make searching for the best rates a whole lot easier. So here are the important points you need to know:

  • Mortgages with the lowest payment aren’t necessarily the best which is why you need to know the implications of that low payment. Sometimes principal is not decreasing, and that’s not good.
  • To build equity, you need to pay down principal. Amortization charts show you how quickly or slowly different mortgage options decrease principal.
  • Mortgages with the lowest interest rate aren’t necessarily the best either. The APR factors all costs of the mortgage, not just the interest rate, and is a better indication of a loan’s true cost.

It takes a lot of time to review your many Georgia mortgage options. But you can speed up the process by using the resources available at MortgageSearchLive.com. Use the glossary to learn mortgage terms, or the calculators to run the numbers, or the directory to find qualified lenders in Georgia. You can also review rate charts and read mortgage-related articles.

Georgia adjustable-rate mortgages

The typical adjustable-rate mortgage (ARM) starts out with a low rate before switching to a variable rate. When that switch takes place and at what interval the variable rate changes depend on the type of ARM and the index (such as the 12-month moving Treasury average) to which the ARM is tied. ARMs are considered riskier than FRMs. Some borrowers start with an ARM then refinance when they’re able to afford a FRM.

Georgia second mortgages

When you want to turn your equity into cash, you can either refinance or apply for a second mortgage. A home equity loan, which is considered a second mortgage, offers a fixed rate. Comparison with the mortgage refinance process is common as both are sought for a similar purpose; however refinancing may offer a lower rate. A home equity loan may be a better choice if your goal is quick repayment of debt or when you already have a locked-in low rate on your first mortgage.

Evaluating Georgia mortgages

It’s easy to find qualified brokers in Georgia when using our broker directory. But slow down a minute because you need to be certain you can explain your goals to lenders. Use these tips to help formulate your needs:

  • Run different numbers through the mortgage calculators to get a realistic idea of the mortgage amount you can afford.
  • Know whether you plan to own the home long. If you know you’re moving in a few years, an ARM may be worth considering.
  • Understand the rates of interest generally charged for the different loan options.

For example, you’ll likely find a higher rate of interest on a loan with a longer maturity term than you will on a mortgage with a shorter term. And you’ll probably be offered a lower rate on a refinance than you will a second mortgage.
The most important of all points is this: take time to shop around. Yes, doing so means you may have to complete more Georgia mortgage applications. But then you’ll have more options to evaluate and compare.

Popular Areas in Georgia

Albany
Americus
Athens
Atlanta
Augusta
Bainbridge
Brunswick
Calhoun
Cedartown
Clarke County
Columbus
Cordele
Cornelia
Dalton
Douglas
Dublin
Fitzgerald
Fort Stewart
Fort Valley
Gainesville
Glynn County
Hinesville
Jesup
Lagrange
Macon
Marietta
Milledgeville
Moultrie
Richmond County County
Rome
Savannah
Statesboro
St. Marys
Summerville
Thomaston
Thomasville
Tifton
Toccoa
Valdosta
Warner Robins
Waycross