Georgia is rich in culture and is said to be one of the best places to live and raise a family. This Peach State offers affordable housing; great schools and we can’t forget the southern hospitality. It has been said that the nicest people live in Georgia. If you live in Georgia or know people from there, you know this is true.
With its southern charm and oceanside attractions, there is no place like Georgia to own your home and take advantage of the many refinancing opportunities.
Buyer’s Market in Georgia
Even though this is one of the best times to refinance and it's a buyer's market you still need to be fully informed about mortgage refinancing in Georgia. If you are interested in refinancing to make home renovations or if you need to consolidate your existing loans and other debts it is best to get the details before you speak with a mortgage broker.
Understanding Georgia Mortgage Refinancing
Locating qualified Georgia mortgage brokers is easy but finding the perfect refinance deal that is just right for you will require comparison shopping before making a decision. So, before you make a final decision and sign on the dotted line, here are some tips to help guide you:
- Know your financial situation and the amount of loan you can afford.
- Consider how long you intend to own your home; this will help to determine whether an adjustable rate or a fixed rate is more suitable.
- Become familiar with the various loan types and compare in terms of rates.
- Understand that mortgages with shorter pay-off periods will have lower rates than mortgages with longer pay-off periods
- Know that refinancing your mortgage will have lower rates than second mortgages.
- Shop around with several lenders is very important. The only downside to this is that they will need you to fill out a few loan applications which you may be apprehensive to, but the overall benefit of shopping around is better than not doing so at all.
Good Reasons to Refinance Your Georgia Mortgage
1. If interest rates are 1 percentage below your current interest rate you should think about refinancing.
2. If you have an adjustable-rate mortgage, now would be a good time to switch it to a fixed rate mortgage. Fixed rate mortgages can significantly reduce your mortgage payments if the interest rates have dropped.
3. Perhaps you want to make some long overdue home improvements, consolidate your debts into one payment or pay for college tuition.
Though finding and comparing the various Georgia mortgage refinance options available is a chore in itself, it is worth every minute of your time to do your homework and make a decision about one of the largest investment you have, it will be well worth it.