Georgia Learn about Mortgages



Managing a mortgage can be a pain in the neck, especially if you don’t have the basic knowledge of how mortgages work. Well, if you are a Georgia homeowner it’s a good thing you are here because Moreira Team has all the mortgage basics that you need to get started with your Georgia mortgage loan. We have highly qualified real estate professionals with particular knowledge of the Georgia market. If you have any questions, don’t hesitate to reach us via email or call.

So what’s there to know about Georgia mortgages?

Types of mortgage products: Georgia has a wide variety of mortgage loans. You can opt for a government-backed loan (like FHA, VA or USDA) or a conventional mortgage loan. Your loan can either have a fixed interest rate (fixed-rate mortgage) or an adjustable interest rate (adjustable-rate mortgage). When it comes to duration of the loan, the most popular option is a 30-year mortgage. But other alternatives include a 15 or 10-year mortgage loan. As far as amount is concerned, you can either go for a conforming, loan whose maximum amount is within the loan limit set by Fannie Mae and Freddie Mac, or you can choose a jumbo loan.

Mortgage costs: the two biggest mortgage costs in Georgia are closing costs and mortgage payments. Closing costs are part of the lender’s mortgage processing fees while mortgage payments are the monthly payments that you will make to repay the loan.

Mortgage qualification: each type of mortgage has its own qualification requirements. Generally, lenders will look at your income and assets, credit score, down payment and whether you already have a primary residence. Be sure to read through our website for detailed requirements of each one and the application process.

Interest rates: compared to other states, Georgia enjoys fairly stable interest rates. Currently, they are in the 3% to 4.8%, a lower percentage than what you will find in most other areas. That makes Georgia one of the best places to own a home today.

If you are in Georgia, learn about mortgages by contacting Moreira Team or reading through our website. We have a ton of information and materials that will help you manage your mortgage, whether you are applying or making payments.



Georgia City Mortgage Service Areas