Georgia Mortgage Rates
Compare Georgia mortgage rates and choose the best option for your needs.
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Today's Mortgage Rates Trends in Georgia
| Product | Rate | 1w change | APR | 1w change |
|---|---|---|---|---|
| 30-year fixed | 7.418 | 3.01% | 7.441 | 3.01% |
| 20-year fixed | 7.202 | 2.44% | 7.231 | 2.43% |
| 15-year fixed | 6.556 | 3.81% | 6.591 | 3.79% |
| 10-year fixed | 6.531 | 2.53% | 6.581 | 2.51% |
| 30-year fixed-rate FHA | 7.042 | 3.18% | 8.167 | 2.66% |
| 30-year fixed-rate VA | 6.98 | 2.01% | 7.22 | 1.97% |
- 30 Year Fixed
- 20 Year Fixed
- 15-Year Fixed
Mortgage in Georgia
If you intend to get a mortgage in Georgia, you’ve come to the right place (use our mortgage calculator to estimate your future expenses). This article will guide you on the tortuous path of choosing a lender in accordance with your wishes.
Trustworthy mortgage lenders operating in Georgia
AmeriSave
AmeriSave has established itself as a nationwide lender since its foundation in 2022. Nonetheless, the lender originates from Georgia. As such, the state always gets some of the most tempting offers. The lender’s credibility is confirmed by its excellent rating given by BBB (A+) and Trustpilot (4.3/5).
The advertised rate of 4.899% requires a FICO score as high as 740 and 20% paid upfront. As usual, your actual rate is likely to exceed what’s advertised. The credit score needed to obtain a conventional loan is 620; government-insured plans are available starting from 600.
| Pros: | Cons: |
|---|---|
| Highly lucrative mortgage rates. | Not all of the lender fees included in the closing costs are transparently disclosed at the lender’s website. |
| Diversity of loan types offered. This includes purchase and refinancing with fixed and adjustable rates, as well as the three main kinds of government-backed loans (FHA, VA and USDA). | |
| Easy and convenient, mobile-friendly application process. |
Rocket Mortgage
Rocket Mortgage (earlier and still occasionally known as Quicken Loans) is the dominant (mortgage or overall) lender in the United States. The loan programs span from conventional fixed-rate, to adjustable-rate mortgages, as well as government-insured loans. Conventional loans are handed to clients with a credit score starting from 620. For a FHA or VA loan, however, 580 is already sufficient.
| Pros: | Cons: |
|---|---|
| Very high trustworthiness. If you are seeking a company with an excellent reputation in the mortgage loan market, Rocket Mortgage will be a perfect choice. | Mortgage rates incline to the higher side. |
| Detailed information. Numerous reviews and guides covering the application process, terms and conditions etc. are available. The solutions to most problems can be found immediately. | There is no USDA-backed plan. |
| For government-backed FHA and VA loans, the minimum credit score is only 580. |
NBKC Bank
NBKC is a Kansas-based bank that’s been around since 1999. It offers conventional, FHA, VA, fixed and adjustable mortgages nationwide. The minimum credit score is 620. At the time of writing, the base rates advertised by the online calculator are as follows: 6.625% for a 30-year, 6.990% for a 25-year, 6.250% for a 20-year, and 6.000% for a 15-year fixed mortgage.
| Pros: | Cons: |
|---|---|
| Calculating rates is easy. You don’t even need to provide contact information. | No USDA loans. |
| Has a specialty program for pilots. | No down-payment assistance options for clients who would qualify for them. |
| The required down payment is just 3% for conventional loans. |
Average Mortgage Rate in Georgia from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Georgia.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Georgia
| Criteria | Amount, $ |
|---|---|
| The median home value in Georgia | $263,690 |
| The income required to buy the median priced home in Georgia | $43,205 |
| The monthly mortgage payment required to buy the median priced home in Georgia | $1,001 |
| The median household income for Georgia | $68,587 |
What factors should be considered when selecting a lender for a mortgage?
The choice of your lender normally starts from evaluating their respective APRs. First, you should decide whether you prefer a fixed or adjustable APR. People with a stable income usually find the former preferable. In this case, the interest rate is set once at the moment of taking the loan out and then remains constant during the loan period. For those expecting their income to increase in the foreseeable future, the latter can make more sense. Adjustable rates change with respect to the market rate during the loan length. This option usually comes with a lower percentage value at the start, but the potential risks should be kept in mind. To protect borrowers from extreme surges, rate caps limiting the interest rate increase have been instituted (typically, to a maximum of 5% overall).
The second thing to consider is to have all the future closing costs transparently disclosed before your contract is signed.
Who is the top mortgage lender in Georgia?
Rocket Mortgage is a leading company across the United States in general and Georgia in particular. Although the number one mortgage lender nationwide is hard to compete with, AmeriSave is also great in its own way – fairly competitive mortgage rates together with the credibility and trustworthiness are highly rated by the clients.
Georgia first-time homebuyer programs
If you meet the definition of a first-time homebuyer, keep an eye on government-backed mortgage programs. There are three primary types of such loans. Some of them are actually open to everybody and not just first-timers.
Consider USDA- and FHA-insured mortgages. The former is restricted to rural areas and to borrowers below a certain income percentile. On the other hand, it doesn’t require any down payment. Furthermore, in theory there is no credit score threshold, although lenders are allowed to (and do) set their own requirements. A score of 640 should be enough in most cases. FHA-insured loans, by contrast, are provided for any property whose value falls below a certain county-specific limit. It encompasses borrowers with a credit score as low as 500, as long as the down payment amounts to 10% or more of the principal. Those with a credit score of at least 580 are free to make an even lower upfront payment, all the way down to 3.5%.
VA loans are aimed at helping both current and former service members. Just like USDA, no minimum credit score is defined for a VA loan, but lenders are more likely to negotiate with clients who have at least 580 – 620. These loans do not require a down payment, and APRs are 0.3 – 0.5 % lower than the market rates. In return, each borrower is charged a one-time funding fee from the Department of Veterans Affairs.
First-time homebuyers are also afforded the usual conventional and non-conforming mortgage plans. Some lenders offer their own loan plans optimized for first-timers.
How do I get pre-approved for a house in GA?
Getting pre-approved before communicating with the home sellers is a good way to maximize your buying success. The pre-approval letter serves as a confirmation of the borrower’s paying capacity during the validity period (60 – 90 days).
The lender examines potential borrowers' solvency by evaluating their FICO score, evidence of employment and income. You will need to fill out a URLA form with most recent pay stubs, tax receipts, account statements and W-2 forms attached.
Finally, it is highly recommended to get pre-approval letters from two or even three different lenders.
What do I need to qualify for a mortgage in Georgia?
The precise requirements are set by the lender in question. Although the requirements depend on each specific case being set by the lender and their loan programs offered, there are some common trends. First and foremost, your creditworthiness is evaluated on the basis of your credit score. Most commonly, conventional loans are offered to those with a FICO score of 620 and more. Federal-insured mortgages tend to have more lenient requirements starting from a 600 or even 580 score. Another essential parameter is the debt-to-income ratio (DTI). In general, it cannot exceed 43% for conventional loans. If your percentage is higher, you may still be eligible for some government-backed loans. To get pre-qualified, you also need to confirm your income and willingness to make the down payment. Evidence of employment, pay stubs, tax receipts and other financial documents should help.