You don’t have $150,000 in cash lying around? Then chances are your purchase of a home or north Georgia real estate will depend on your ability to borrow 80 percent or more of the money you’ll need.
If you ask any real estate company in Georgia, they’ll tell you that borrowing to purchase property is the norm. However, before the 1929 stock market crash, cash purchases of homes were the norm. Or if money was borrowed, it was on a term that typically didn’t last much more than five years. That made payments relatively steep, which is part of the reason so many homes were lost in the Great Depression. After World War II the U.S. government created a mortgage program that allowed veterans to make affordable payments over a 30-year period.
Lots of Choices for Financing Real Estate in Georgia
Today, the 30-year fixed-rate mortgage for a home is still the most common way to buy, but it’s just one of many financing options available. Indeed, many mortgages today are almost custom-tailored to individual needs.
Mortgage lending is an extremely competitive field – just ask your real estate company. In Georgia, information on mortgage rates, which can change daily, is available in local newspapers, through mortgage brokers, and from individual lenders. When you’re shopping for a loan, interest rates tell just part of the story. You’ll also need to study the various fees lenders charge.
Ask your Real Estate Company in Georgia
As your Georgia real estate company, we can recommend lenders to check in with prior to beginning any serious house hunting so you’ll know exactly what you can afford.
