When buying a home in Georgia, your choice of mortgage is just as important as the home itself. The right choice will make it very easy for you to make your mortgage payments. The problem is there is no one-fits-all type of solution. You just have to shop around to find the mortgage that suits your particular needs and situation. While some Georgia homebuyers opt for government-backed loans (FHA, VA, and USDA), others find conventional loans more suitable.
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Simply put, a conventional mortgage is a loan that is not insured by the federal government but conforms to the guidelines set by Fannie Mae and Freddie Mac. Most lenders usually have their own custom-made conventional mortgages for different types of borrowers. And contrary to popular belief, they are actually very affordable. Currently, Georgia conventional mortgage rates are:
Daily Georgia Conventional Mortgage Rates for 11.26.24
30 Yr. Fixed6.625%APR 7.137%
15 Yr. Fixed6.000%APR 6.510%
Rates as of November, 26 2024 See All Rates | See Rate Assumptions
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Conventional Rates shown assume a purchase transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than or equal to 95%; a minimum FICO score of 760, lock days at 30.
Term
Loan Amount
LTV
Points
30yr Fixed
$351,000
95.0%
1
15yr Fixed
$351,000
95.0%
1
30yr Jumbo
$650,000
75.0%
1
30yr FHA
$275,000
96.5%
1
30 Yr VA
$300,000
100.0%
1
Rates may be higher for loan amounts under $351,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply. Ask for details.
Moreira Team | MortgageRight is an Equal Opportunity Lender
“Rate Over X%” Assumptions
Rates shown assume a refinance transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value of 75%; a minimum FICO score of 740; a Loan Term of 360 months; and a loan amount of $300,000 for conforming loans.
Rates may be higher for loan amounts under $275,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply.
Moreira Team | MortgageRight is an Equal Opportunity Lender
If you look at Georgia’s historical interest rates you will see that there has hardly been a better time to get a Georgia conventional mortgage than now. So if you are thinking of applying for a mortgage, it is worth considering, be sure to contact Moreira Team for the very latest Georgia conventional mortgage rates and quotes of how much house you can afford in the current market that is very suitable for homebuyers.
Other than low-interest rates, conventional mortgages have little to no mortgage insurance (depending on your amount of down payment), relaxed appraisal standards and very flexible lending terms. After all, they are created by lenders themselves. If you need help in shopping for the best conventional mortgage in Georgia talk to Moreira Team today.
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