Mortgage Rates In Atlanta – What You Don’t Know

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%.

Best Mortgage Rates: Are You Doing the Right Things to Get Them?

The mortgage market has significantly changed in the last couple of years. The number of mortgage products available is much smaller than it used to be, 90% LTV mortgages have almost disappeared, and lenders in general are becoming a lot more careful. No longer do they allow mortgages equal to 6 times your yearly income, and for customers with poor credits rating, getting a mortgage has become extremely difficult. Despite the credit crunch, there are still some great mortgage deals available on the market. We give you 7 tips to help you get the best mortgage rates:

1. Make sure you’ve got a large deposit: while 90% LTV mortgages might still be available from some lenders, the best mortgage rates are usually available on less than 75% LTV products. Make sure you save as much as you can for your upfront deposit.

2. Large deposits go a long way for remortgages as well: because of the drop in property prices, you may well find that the LTV for your property is higher than when you applied for your first mortgage. An option could be to use the money in your saving accounts towards a deposit in order to get a better remortgage deal.

3. Check your credit record: the buyers most affected by the credit crunch are people with bad credit, also known as “sub prime”. If you’ve got bad credit, the rates available to you will be significantly higher as the lenders want to protect themselves against the risk of lending money to somebody with a poor credit record. Make sure you check your credit record and take corrective steps to bring back things on the right track.

4. Speak to a professional mortgage adviser: If you have got a special situation, for example if you’re self-employed, it is really important that you speak to a mortgage adviser. A good mortgage adviser will work with you to understand your personal situation and find out the best products available for your circumstances.

5. Go for fixed rate products if you want security: fixed rate mortgages guarantee that your mortgage repayments will stay the same and will not fluctuate with changes in the Bank of England interest rate. This security comes at a price though, as fixed rate mortgage deals are generally less competitive than variable rate products.

6. Choose a tracker mortgage for the best rates: tracker mortgages rates fluctuate with the bank of England base rate. The rates offered for tracker mortgages are in general lower than fixed rate mortgages. There always the risk though that the base rate could go up and result in higher mortgage payments if you choose a tracker mortgage.

7. Be careful with the arrangement fees: the best mortgage deals sometimes come with high arrangement fees. It is important that you calculate the cost of the mortgage over the entire term, taking the arrangement fees into account, to find out what is the best mortgage deal for your situation.

Smile And Have That Free Mortgage Rate Quote

There’s a cliché that tells us that the best things in life are free. Isn’t that comforting to know that the love we open-heartedly give to our family is not just free but it’s priceless. How about the free gifts that we receive from our parents? Aren’t these the most valuable things we have received when we were children? What about the free support your friends sincerely provides you when things in your life do not come out right and you just need that shoulder to cry on? This list of the free things that we receive in our lives goes on. These do not command any cent from your salary and that simply figures why they’re the best things in your life. But do you know what possibly the second best thing that could happen in your life? This would probably be getting an affordable deal in the mortgage of your dream home. The best thing in it is that you can even have a free mortgage rate quote; another perk in life that’s a reason to make you smile.

It’s Free to Smile

Who wouldn’t smile at the thought that you can finally own the home you’re wishing for? There are now lending institutions that will assist you to make your dream into a reality. Of course, you need to shell out some money but they can help you find a package fits your needs. How would you determine this? They can offer free mortgage rate quote to you and with this information you can choose in a loan package that suits you right. Aside from the free mortgage quote, lending institutions could also calculate the guaranteed amount needed to close this fabulous deal of owning your own home. It’s actually one of the greatest sources of concern to consumers like you to know what exactly the costs are and how it can change fairly dramatically from the start until the consummation of the whole mortgage process.

Grab That Free Information

So where can you get this free mortgage rate quote? You can start by looking for 4 or 5 lending companies in your telephone directory. Some lending companies will be happy to help you with your questions and clarifications. Right now, there are even loan institutions that have an Internet website, where you can browse through the various deals. You can also obtain your free mortgage rate quote there by emailing them. Although there’s just a small segment of the population who are comfortable with obtaining information about mortgage over the Internet, the lending companies are now considering the accessibility of information would be beneficial for their potential customers. After you have taken advantage of several quotes, you can now visit the office of the lender you think is giving you the best deal. This would be your first big step in reaching your elusive dream.

Indeed, the best things in life can be free. But sometimes there just things that you need to pay off like taxes, mortgage or utility bills. Despite this, isn’t it comforting that you can do something to minimize these mortgage payments by making a free mortgage rate quote? You just have to be conscientious in determining a good deal and you’re good to go.