Georgia Mortgage Basics



Most Americans hear about mortgaging but don’t exactly understand all the details and different choices available. This makes sense, since it’s not something you do on a daily bases. If you are in Georgia, we would like to help you understand all the Georgia mortgage basics. Which is why our crew at Moreira Team has put together these amazing articles to help potential and current homeowners with their mortgages. If you need any particular information about Georgia mortgages, please contact us directly via call or email and we will get back to you as soon as possible.

So what do you need to know about Georgia mortgages? How about we start with the most basic, what is a mortgage? A mortgage is a loan offered by a lender (bank or other financial institution) to you the borrower so that you acquire a home, own the title to the home and then pay back the loan over a specific duration.

Since it is a loan, you will be charged interest. Other expenses may include insurance premiums and taxes. The exact amount of each charge depends on several factors, including where in Georgia your house is located, the amount of the loan and the type of mortgage. Speaking of types, there are a variety of mortgage types to choose from in Georgia. They are: FHA, VA, USDA and conventional loans. The first three are insured by the federal government.

Regardless of which loan you take, you will have to pay the principal amount together with all the charges that come with the loan within a specified period, usually referred to as amortization. If you take a fixed-rate mortgage (FRM) your interest rates will not change over that period but if you take an adjustable-rate mortgage (ARM), the rates will vary depending on market interest rates.

That is a small overview of Georgia mortgage basics. There is much more to learn about mortgages in Georgia and Moreira Team is always available to teach you more. Read through our site or contact us in case you have specific questions or need help with your mortgage.



Georgia City Mortgage Service Areas