The state of Georgia offers 15 and 30 year fixed rate mortgages as well a s a variety of adjustable rate mortgage plans. On occasion a private lender will offer an interest only mortgage, but these loans have a 3 year limit on the time only interest can be paid. Because of the high foreclosure rate in the state there have been strict limits placed on who can qualify for a mortgage. While no one is actually denied, people with lower credit scores will need to go to a bad credit mortgage program to receive financing. Georgia also offers three special mortgage programs for certain citizens. The Dream Welcome Home Ownership program is a mortgage assistance program for military personnel and those who serve in the Georgia National Guard. The Dram Home Ownership program is designed to help lower income people obtain a loan. The P.E.N. program is designed to help Protectors – Educators – Nurses obtain help in purchasing a home.
Georgia Mortgage Rates
Despite the abundant housing available in the state, Georgia mortgage rates remain even with the national median. Rates for obtaining a loan in Georgia are comparable to adjacent states and different factors can cause them to move up or down. Interest rates may rise if the borrower has a low credit score, short employment history or small down payment. Type of loan applied for and location of the home will also account for interest differences. Each lender can set different qualifications for loans, but Georgia law prohibits to large of a fluctuation in interest rates between lenders.
Georgia Refinance Rates
Georgia refinance rates are in sync with the original mortgage rates. Refinance rates can be higher on second or third loans. If the refinancing is going to combine mortgages into one the rate may be slightly higher, but not higher than the current loans. Credit qualifications are necessary and will determine the type of loan and interest rate.
Georgia Mortgage Brokers And Lenders
Georgia allows all financial institutions to make mortgages in their state. Credit Unions, private and national banks, internet finance groups and private financial companies may issue loans. Georgia has strict laws concerning mortgages and companies must be licensed in the state. Lenders can run promotional interest rates as a way to gain business, but must conform to lending practices set forth by the state.