Buying a home in Georgia should include getting the best mortgage rate that you can. Your lender will assign your final mortgage rate only after a complete evaluation of factors that will include your credit score, your down payment, your income, and your debt-to-income ratio.
If you’re serious about getting the best mortgage rate in Georgia, you should do some prep work. Get all of your documentation together before you apply, do a credit check on yourself to see where you stand, and then get preapproved by a respectable lender to ensure your loan is ready to go when you find your dream home.
Here’s a quick look at current Georgia mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 7.083% | 7.166% | +0.14% |
| Conventional 20 year fixed | 6.812% | 6.924% | -0.16% |
| Conventional 15 year fixed | 6.288% | 6.414% | +0.04% |
| Conventional 7 year ARM | 6.862% | 7.657% | -0.03% |
| Conventional 5 year ARM | 7.365% | 8.039% | +0.74% |
| FHA 15 year fixed | 5.788% | 6.602% | +0.04% |
| FHA 30 year fixed | 6.132% | 6.95% | +0.04% |
| VA 30 year fixed | 6.259% | 6.538% | -0.07% |
| VA 15 year fixed | 5.734% | 6.153% | -0.18% |
| VA 5 year ARM | 6.25% | 7.087% | +0.04% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Do your future dreams hinge on buying a beautiful home in Georgia? This might be the year you get to move to the Peach State. Here’s what you need to know:
Georgia has everything, from virtually unspoiled islands along the state’s snippet of coastline to the stunning views from Blue Ridge on the fringe of Appalachia. Almost 10 million people live in georgia, with more than one in ten dwelling in the state’s five biggest cities:
The cost of a Georgia home can range widely. Georgia ranks 26th in US homes for sale at average price, and 8th for homes over $1,000,000. Always plan on getting preapproved so you have a solid budget before venture into the market.
Are you a first-time home buyer? You might be able to qualify for assistance through a program administered by the Georgia Department of Community Affairs (GDCA.)
Georgia Dream includes down payment assistance up to $5,000 for most buyers and up to $7,500 in certain cases, which is supplied in the form of a no-payments, zero-interest, second loan to be paid off when you refinance your mortgage or sell your home.
Qualifications for Georgia Dream include:
Consider your options when refinancing a home in Georgia, and make a move to secure lower Georgia mortgage rates. You can do any of the following:
You could have the right kind of loan to get help with a streamlined refinance. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.
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