Georgia Mortgage and Refinance Rates
On Tuesday, June 06, 2023, the national average 30-year fixed mortgage APR is 7.05%. The national average 30-year fixed refinance APR is 7.13%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
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Current mortgage rates in Georgia
As of Tuesday, June 6, 2023, current mortgage interest rates in Georgia are 7.06% for a 30-year fixed mortgage and 6.31% for a 15-year fixed mortgage. Home prices are cooling in much of the country, but Georgia has bucked that trend. As of March 2023, the median price of a single-family home was $350,000, up 12 percent from the previous year, according to the Georgia Association of Realtors. With that, just 41 percent of homes sold in the Atlanta metropolitan area were affordable to median-income families as of the fourth quarter of 2022, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. That was down from 67 percent a year earlier.
Refinance rates in Georgia
Georgia borrowers who saw their home equity rise during the pandemic may be interested in refinancing their mortgage as a way to tap those funds. Check out Bankrate’s guide to cash-out refinancing to learn more.
How to find the best mortgage rate in Georgia for you
When shopping for a mortgage, compare at least three loan offers — research shows this exercise can save you thousands of dollars over the life of a loan.
Bankrate can help you find the best mortgage deal. Here are some basic steps to securing a loan on favorable terms:
Step 1: Strengthen your credit score
Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through AnnualCreditReport.com.
Step 2: Determine your budget
To find the right mortgage, you’ll need a good handle on how much house you can afford. That’s because a lender could qualify you for more mortgage than you need, or one that would max out your budget and leave no room for unexpected expenses.
Step 3: Know your mortgage options
There are a few different types of mortgages. Many lenders offer conventional loans that require as little as 3 percent down. FHA loans also have a low down payment threshold, while VA loans (for veterans) and USDA loans (for borrowers in rural areas) have no down payment requirement. If you’re in the market for a jumbo loan, check Georgia’s county-by-county loan limits.
Step 4: Compare rates and terms from several lenders
Don’t settle on the first lender you talk to — rate-shop with at least three different banks or mortgage companies. You can look to your bank or other banks, credit unions, online lenders and local independents to ensure you’re getting the best deal on rates, fees and terms.
Step 5: Get preapproved for a mortgage
As you comparison-shop, keep in mind that getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.
Mortgage options in Georgia
If you’re looking to get a mortgage in Georgia, there are several options:
- Georgia conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
- Georgia FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
- Georgia VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which starts at 2.15 percent for homebuyers.
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: This program offers eligible borrowers a zero-interest loan up to $10,000.
- Georgia Dream PEN Down Payment Assistance: This program offers a zero-interest loan up to $12,500 to those employed in protection (police, highway patrol, correctional, fire and EMS), active military, education or healthcare fields.
- Georgia Dream Choice Down Payment Assistance: This program offers a zero-interest loan up to $12,500. To qualify, your household must include an individual living with a disability.
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 can 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.