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Georgia Mortgage Resources
The state of Georgia offers many resources to those trying to attain a mortgage loan within their state. Even the Georgia government offers information, regulations and information on mortgages to the consumer through the Department of Banking and Finance. The Mortgage Bankers Association of Georgia also provides information to the consumer about attaining mortgage loans within the state of Georgia.
What are some of the common mistakes and obstacles facing consumers when purchasing a mortgage?
Many people are not privy to some of the pitfalls they may face when delving into purchasing property and attaining mortgage loans to help them with this endeavor. This is a particularly common problem for first-time buyers. In Georgia, there are many programs sponsored by municipalities, state and federal governments that may help them achieve their goal of purchasing property.
When looking into mortgage loan anywhere, it is always advisable to research various agencies. This will aid the consumer in knowing and understanding the standard mortgage rates and options available to them. Not to mention, it will help them in the process of deciding which bank or broker to use for their mortgage loan. Within Georgia, it is often advisable to take out a loan with member of the Mortgage Bankers Association of Georgia because they abide by a strict canon of ethics, which non-members may not use.
One other thing consumers interested in attaining a Georgia mortgage will want to investigate at the beginning of their endeavor, is to educate themselves on the status of their credit. Knowing about your credit can be not only an asset, but help you comprehend the types of programs for which you may be applicable. Along with researching your credit status, it is also advisable to get pre-approved for a mortgage loan to avoid frustration and disappointment during the often tedious process of property purchases.
What are some of the mortgage rates and plans available Georgia?
The most common type of mortgage in Georgia, as well as nationally, is the 30-year fixed mortgage option. The reason this type of mortgage has become popular throughout the years is that when interest rates are low, a consumer’s interest rate on the mortgage loan will remain at the same rate for all 30 years. With this option, a consumer will always know exactly how much each payment on their mortgage loan will be throughout the entire duration of their loan, allowing them to plan ahead.
Another popular option in Georgia is the 7/1 Adjustable rate mortgage. Almost 40% of all mortgages in Georgia are adjustable rate mortgages or ARMs. With this type of mortgage loan, the monthly interest rate on the loan is fixed for the first 7 years. During the subsequent years of the mortgage loan, the rate will be adjusted depending on the average yield of the U.S. Treasury.
Currently, the mortgage rates in Georgia are consistent with the mortgage rates nation-wide. Georgia’s standard interest rate is currently 5.75%. In comparison, the national average interest rate is 5.74%, only very slightly lower than the Georgia rate.