Just like with everybody in the United States it’s important to know home loan rates and for great reason too. The primary thing you need to know about mortgage rates is most of the state isn’t on a fixed rate and the problem with this is the fact that lots of individuals will have to try to refinance their mortgage in a couple years just to slow their mortgage rate from skyrocketing. If you’re one of the many homeowners in Atlanta that have interest only mortgages and adjustable rate mortgages then you need to read this because the truth is you’re going to have a difficult time in a few years if you’re not currently.
The primary thing you have to know regarding mortgages in Atlanta is the fact that you are not insured by regulations or anything and that the government cannot help you just because you’re living in the city. Many people think that simply because you live in a big city that the government will help you if you need it but honestly the government is the one that requires help right now with all their spending, not just you. It’s very important to know this because if you do not do something to manage your spending and get ready for the next economic meltdown then you will have a hard time.
What you have to know about mortgage rates is that a fixed rate loan is the best kind of mortgage to get no matter what the situation is and the reason is because you always know what you’re going to pay each month no matter what. The thing regarding fixed rate mortgages is that you must be able to afford them or it may be smarter to rent because adjustable rate mortgages are simply too volatile to own these days. Don’t even think about getting an interest only mortgage either, I know they’re cheaper in the beginning but then once you do refinance (and you will have to refinance) the cost will be more than if you simply stayed with a fixed rate mortgage.
Tips to get a nicer mortgage rate
Better credit – The first and the most important thing you can do to get a lower mortgage rate is to raise your credit score. The reason why this is important is because every lender will run your credit report and see what’s on there and how likely it will be that they get their cash back.
Negotiate with the lender – A great way to receive a lower mortgage rate is to negotiate with the financial institution. A lot of the time banks will give you a lower mortgage rate if they feel that you’re worthy of it and that’s why you need the best credit possible. Just remember in regards to your Georgia mortgage any savings is still a savings.
Down payment – This is almost a no brainer but the thing that gets lots of individuals is the lender doesn’t require a down payment every time. Even if your bank doesn’t require you to pay a down payment you still need to and the amount should be at least 15%-25%.