When looking for a mortgage there are many things to consider. Whether or not you’ve had a mortgage before, shopping for a mortgage can feel a bit intimidating and overwhelming. As mortgages are often the largest piece of credit a person will ever have in their lifetime, it is important to make an informed decision when choosing a lender. Rate is one of the most common concerns, but there is much more to a mortgage than just its interest costs.
Consider what other options are important to you. If you are a commission-based worker, perhaps you would like a mortgage that has minimal monthly payments and allows large lump sum deposits throughout the year. If you are a seasonal worker, maybe being able to skip a payment during your off-season would be handy. Or perhaps you prefer to match your payments with your income schedule; if your paycheck comes in bi-weekly you may want to make sure that you have the option to pay your mortgage bi-weekly as well.
Fixed Rate Mortgages in Georgia
Other options aside, mortgage rates are very important when determining what lender you will go with. Most first-time home buyers will opt for a fixed rate mortgage, as it provides security and stability. Despite being a slightly higher rate than some other options, fixed rate mortgages maintain the same interest rate throughout their term, providing peace of mind for those people who are not comfortable keeping track of the housing market.
Adjustable Rate Mortgages in Georgia
Adjustable rate mortgages are completely different from fixed rate mortgages. The interest rate for this product is based off of two components: prime rate, and a premium or discount. The premium or discount is negotiated based on your own personal financial information, such as your credit score, your job stability, your home equity, and so on. Prime rate is outside of consumer control, instead following the economy and various financial markets. These two pieces together make up an adjustable interest rate. While your premium or discount will stay the same throughout a negotiated term, prime rate may fluctuate and go up or down. Because of this, adjustable rate mortgages pose some risk, and are often priced lower than fixed rate mortgages. They are a popular option for people who can handle payment fluctuations, as adjustable rate mortgages have the opportunity to save you money if their overall rate drops.
Compare Mortgage Rates in Georgia
When you know what you are looking for in a mortgage and what type of rate you are comfortable with, it is time to begin comparing interest rates. At eHomeMortgages we can help make this a quick, simple process. By filling out our online form, eHomeMortgages will compare the top mortgage lenders in Georgia, and will provide you with a list of the best rates available. Once you have a list of the best priced lenders in your local area, you can then contact your top choices to see who offers the terms you require. Mortgages are important, and lenders will expect you to have concerns and questions; don’t hesitate to ask for what you want. With the right features and a low rate, you’ll be glad you took the time to compare mortgage rates with eHomeMortgages!