Georgia
Home Financing and
Mortgages
Property prices in
Georgia have been pretty stable over the last year. Figures published by
the National Association of Realtors show an increase in the median prices
for single family homes of only 2.7% for last quarter 2002 to last quarter
2003 in the city of Atlanta (home to the world’s busiest passenger
airport). Annual price appreciation for the whole State was quite low at
3.68% when compared to the national average figure of 7.97% for the same
period.
The Coldwell Banker
Index shows average sales prices ranging from $271,250 in Atlanta down to
$166,000 in Dalton.
Once you have found the
Georgia property that suits you, then you will want to think about financing
your new home. If you are already a home owner then you may want to borrow
additional money with a home equity loan. Most people buying a home take out
a mortgage loan to finance the purchase. They then repay the lender over a
period from ten to thirty years at an interest rate which may be fixed or
adjustable. The amount you can borrow depends on the value of the property,
your income, and your savings and debt. Fixed rate loans have payments at
the same monthly level for the life of the mortgage. Adjustable rate
mortgages have interest rates fixed for a period and then revised from time
to time. This enables the lender to offer a lower rate at the start of the
mortgage. If you are a first-time buyer you may be able to get some special
mortgage deals.
When applying for a
mortgage, make sure your lender has all the relevant information about you,
as they may be able to offer you a choice of loans to fit your personal
needs. |
