Georgia Mortgage and Refinance Rates
As of Sunday, June 26, 2022, current rates in Georgia are 5.82% for a 30-year fixed, 5.04% for a 15-year fixed, and 4.63% for a 5/1 adjustable-rate mortgage (ARM).
We’ll help you find Georgia mortgage and refinance rates well below the national average so you can apply and start saving on your home today.
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About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
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Georgia mortgage overview
If you’re looking for a new home (or to refinance your current mortgage) in Georgia, be aware that housing affordability can vary greatly. Home prices tend to be higher in Atlanta and in counties with high median household incomes, like Forsyth.
In 2022, Georgia’s loan limit for conventional conforming mortgages is $647,200. FHA loan limits vary by county, from $420,680 (Worth County and many others) to $515,200 (Greene County).
When considering homes to buy, know that sellers aren’t obligated to disclose any issues; however, the Georgia Association of Realtors has made it standard practice with their own disclosure forms. Still, sellers may not reveal everything.
Most lenders will require you to purchase homeowners insurance, even though Georgia law does not require you to have it. Georgia is also one of several states with a separate hurricane deductible, which is commonly higher than the standard deductible.
If you default on your mortgage in Georgia — a non-judicial foreclosure state — the lender can foreclose without filing suit or appearing in front of a judge, and only has to send a notice of intent to foreclose at least 30 days before the date of the proposed foreclosure sale.
Top 5 Bankrate mortgage lenders in Georgia
- Fairway Independent Mortgage Corporation
- Ally Bank
- Sage Mortgage
- First Mortgage Direct
- Rocket Mortgage
Methodology
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation maintains a nationwide network of hundreds of branch locations.
Strengths:
- More than 40 locations across Georgia
- Mobile app offers easy application tracking and document uploading
Weaknesses:
- Doesn’t advertise mortgage rates or list borrower requirements online
Read Bankrate's Fairway Independent Mortgage Corporation review.
Ally Bank
Ally Bank began provides several mortgage options, including conventional loans, jumbo loans and adjustable-rate loans in five- seven- or 10-year terms. Ally Bank also offers refinancing options, including rate-and-term and cash-out, but doesn't offer FHA loans, VA loans, USDA loans or home equity loan options.
Strengths:
- Preapproval in as little as three minutes
- Closings up to 10 days faster than industry average
- Transparent interest rates
Weaknesses:
- No FHA, VA or USDA loans
- No home equity lines of credit (HELOCs) or home equity loans
- No branch locations
Read Bankrate's Ally Bank mortgage review.
Sage Mortgage
Sage Mortgage is an online mortgage company that both underwrites loans and works with multiple wholesale lenders. Along with assisting you with finding a loan, the company can help you secure a preapproval in one to two days, and the typical closing takes 27 days.
Strengths:
- Works with multiple wholesalers to offer competitive rates and fast cycle times
- Borrowers can complete a quick and easy application online
- Dedicated loan officer works with borrowers throughout the entire process
Weaknesses:
- Doesn’t offer VA loans
- Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
Read Bankrate's Sage Mortgage review.
First Mortgage Direct
First Mortgage Direct is the online lending division of First Mortgage Solutions, a brick-and-mortar lender based in Kansas City, Missouri. Typically, qualified borrowers can obtain a preapproval within 48 hours, and purchase loans generally close within 30 days (refinances within 60).
Strengths:
- Borrowers assigned readily available loan officer to work with via phone or email
- No origination or hidden fees
Weaknesses:
- Not available in every state
- Limited call center hours for general inquiries
Read Bankrate's First Mortgage Direct review.
Rocket Mortgage
Rocket Mortgage is a leading online mortgage lender in the U.S. The lender offers a broad selection of purchase and refinance options, including a flexible-term product called “YOURgage,” which allows borrowers to set the terms of their loan from eight to 29 years, and cash-out refinancing.
Strengths:
- Low down payment requirement (as little as 3 percent down)
- Customer service regarding new loans available seven days a week via phone or chat
Weaknesses:
- No brick-and-mortar locations
- Doesn't offer USDA loans, home equity lines of credit (HELOCs) or home equity loans
- Limited information about lender fees available online
Read Bankrate's Rocket Mortgage review.
First-time homebuyer programs in Georgia
The Georgia Department of Community Affairs (DCA) offers loans for first-time homebuyers through the “Georgia Dream” program, as well as down payment assistance including:
- Georgia Dream Standard Down Payment Assistance, offering eligible borrowers a zero-interest loan up to $7,500
- Georgia Dream PEN Down Payment Assistance, offering eligible borrowers a zero-interest loan up to $10,000; PEN stands for “Protectors, Educations & Nurses,” so part of the eligibility criteria is employment in protection (police, highway patrol, correctional, fire and EMS), active military, education or healthcare fields
- Georgia Dream Choice Down Payment Assistance, offering eligible borrowers a zero-interest loan up to $10,000; your household must include an individual living with a disability in order to qualify for this option
With all Georgia Dream Down Payment Assistance programs, repayment is deferred until you sell, refinance or no longer use the home as a primary residence. Borrowers must contribute at least $1,000 to the purchase of the home, in addition to meeting other requirements, depending on the program.
Georgia Dream loans are available through participating lenders. First-time homebuyers or buyers who have not owned a home in the last three years may be approved for an FHA, USDA, VA or conventional loan for their home.
To be eligible for a Georgia Dream loan, borrowers must have a credit score of at least 640, with liquid assets totaling less than $20,000 or 20 percent of the home’s price, whichever is greater. Qualifying income and purchase price limits vary by county.
Georgia mortgage refinancing
There aren’t any regulations or requirements specific to Georgia to look out for when you’re applying to refinance your home. As with any new loan, be sure to shop around for the lowest possible rate and fees.
Use Bankrate’s mortgage refinance calculator to see how much you can save by lowering your rate.