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Often referred to as the Empire State of the South, Georgia is home to 10.8 million people, diverse in a myriad of ways, including demographically, culturally, economically, and educationally. From urban and suburban areas to mountains, forests, and beaches, the state offers a wide range of environments that many have found to be home, sweet home. A new list from U.S. News ranked two popular Georgia cities as the best places to live—Atlanta and Savannah—at 64th and 37th respectively, out of a total of 150.
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The population continues to grow and you may find yourself becoming one of the transplants that settles in for the long haul. If you’re relocating to Georgia, there are a few things to consider before crossing that state line. Whether you’re moving for a job or a different lifestyle, planning on staying a while or just passing through, here’s what you need to know about your new state and the lowdown on mortgage rates in Georgia.
Why are People Moving to Georgia?
As the largest state east of the Mississippi in terms of land area, Georgia has a diverse economy with strengths in various sectors, including finance, technology, agriculture, manufacturing, film and entertainment, and logistics. You may be moving for a job opportunity, and with many Fortune 500 companies headquartered there, it’s not surprising. Whether you’re transferring with your existing company or starting a brand-new position, it’s wise to start researching mortgage rates in Georgia, along with other financial factors that contribute to its significance as an economic hub of the southeastern United States.
With a low unemployment rate of 3.4%, top employers include Piedmont Healthcare, Walmart, Emory Healthcare, and the Randstad and Wellstar Health System. Household names like The Home Depot, UPS, DHL, Delta Airlines and, of course, the Coca-Cola Company all call Georgia home. Atlanta’s nearby Hartsfield Jackson International Airport, as well as the fast-growing Port of Savannah, contribute to the state’s prominence in trade and commerce. Georgia has also become a major player in the film and entertainment industry. Atlanta, in particular, has become known as the “Hollywood of the South.” Popular films like The Hunger Games, The Tomorrow War, and The Suicide Squad, as well as cult television shows like The Walking Dead, Stranger Things, and Ozark, were all filmed in Georgia.
In addition to its bountiful supply of careers and jobs, the state offers a level of affordability that is quite enticing. In fact, in the first in-depth study to analyze the housing affordability of 152 cities, two Georgia cities found themselves on the Cheapest Cities to Buy a Home list—Columbus at #6 and Atlanta at #89. So, when you’re considering mortgage companies in Georgia, know that price point is a big plus for relocating and buying a home in Georgia.
Georgia’s moderate year-round climate also serves as an invitation for many to relocate, and each season still provides a distinct experience. Enjoy southern summer evenings. Take advantage of chilly winter nights. Fall and spring both offer comfortable transitions with local flora and fauna reacting accordingly. Be forewarned though—the threat of snow does tend to empty the milk, bread, and egg aisles at the grocery store, in addition to causing major meltdowns on the interstate.
Things to Be Aware of When Moving to Georgia
With any move, planning is priority number one. Establishing the timeline for your relocation will help you determine how quickly to identify mortgage companies in Georgia, research neighborhoods, and start searching real estate listings. The start date of your new job will most likely drive your timeline and have the biggest impact on moving logistics, so get out that calendar to map out a rough schedule for key events that have to happen before you can say, “I’m here, y’all!”
Moving also triggers financial pressures. The average cost to hire movers can range from $2,100 for a local move to as much as $5,500 for a long-distance move. Of course, the size of the home, the amount of furniture, and where you’re moving from and to, all play a factor in the total cost. Understanding your relocation package is key. How much of your moving expenses will be covered? Will you be placed in temporary housing while you explore mortgage rates in Georgia? Some companies offer home sale and purchase assistance—ask yours if they can refer you to one of the many mortgage companies in Georgia. Whatever your relocation package includes, be sure to get it documented and in writing so that there’s no question about what it covers.
Some of the financial pressure of moving can also come from juggling real estate ventures. You may own your home in your current state, so what does that mean for buying a new home in Georgia? Or if you’re currently renting, should you continue to rent or become a first-time home buyer? To rent or buy is the classic question. And the experts at mortgage companies in Georgia like the Moreira team can help determine what’s best for you and your family.
Pursuing Homeownership with Mortgage Companies in Georgia
How much home you’ll be able to afford depends on your paycheck. Your income and employment history greatly affect your ability to get a good mortgage rate in Georgia and the homebuying process overall. With most types of mortgages, two years of work history is required. Since you’ll be relocating to Georgia and possibly starting a new job, your mortgage provider might request additional information if you’re unable to provide that history. If you’re getting a higher salary within the same industry or moving to the next level of your career, it’s unlikely that will impact the loan application process. However, suppose you’re switching from salaried work to hourly, taking a lower position, or moving to a different industry. You’ll want to reach out to mortgage companies in Georgia sooner rather than later so you can understand the implications of your job change on the homebuying process.
Choosing the right lender is so important when planning to buy a house. There are four main types of mortgage companies in Georgia—banks, credit unions, mortgage lenders, and mortgage brokers—and the best one for you will depend on your unique circumstances. Ask for referrals from your real estate agent, friends, and family. Interview them first to ensure that you feel comfortable with their level of expertise and customer service. Don’t be afraid to ask questions. Whether you’re a first-time home buyer or a seasoned property mogul, your mortgage lender should be able to give you solid answers.
The Moreira team can help walk you through the process. Our whole reason for existence is to simplify home financing for borrowers like you. You’ll get the highest level of customer service, the latest tech, and the best deal possible on mortgage rates in Georgia. We’re also native to the state, so if you’ve got questions about cities, neighborhoods, and schools, or want to know which restaurant serves the best sweet tea, we’ve got you covered. Reach out and check rates today. If you’re relocating, your search for mortgage companies in Georgia ends with the Moreira team!
