When you’re buying a home, you have a lot of different mortgage options. The best mortgage companies in Atlanta will help you review various options until you find the right product for your needs. Here’s an overview of some of the most popular mortgages to consider.
This category includes mortgages secured by the Federal Housing Administration, the U.S. Department of Veterans Affairs, and the U.S. Department of Agriculture. You don’t apply for these mortgages through those organizations. Instead, you obtain them through mortgage companies in Atlanta. These mortgages are secured by the government, which means that if you default, these organizations cover the loss.
As a result, mortgage lenders have more generous approval terms for these loans compared to other mortgages, but you have to meet specific requirements relate to the value of the home, your credit score, and other elements. For instance, only veterans and their families can get VA loans, and you have to buy in a rural area to qualify for a USDA mortgage.
Available from all mortgage companies in Atlanta, a fixed-rate mortgage has the same interest rate for the lifetime of the loan. The government-backed loans above tend to be fixed-rate mortgages. You can also get conventional or conforming loans with fixed rates. Conventional means that the loan is not backed by the government, and conforming simply means that the loan meets guidelines set by Fannie Mae and Freddie Mac. Typically, these loans have 15 or 30-year terms.
An adjustable-rate mortgage starts with an introductory interest rate, which changes after a certain amount of time. These loans tend to work best in situations where you plan to move before the rate adjusts or when you’re confident that the interest rate will go down at the adjustment period. Atlanta mortgage brokers from one of the mortgage companies in Atlanta can help you decide if an adjustable-rate mortgage is right for you.
As you chat with mortgage lenders in Georgia, you may also hear about jumbo mortgages. This is the opposite of a conforming mortgage. In other words, this type of Atlanta mortgage doesn’t meet the debt-to-income guidelines or other criteria required with a conforming loan. You may need this flexibility if the value of your home is over a certain threshold.
Self-Employed Home Loans
When you’re self employed or a small business owner, it can be hard to get loans from some mortgage companies in GA. Designed specifically for self-employed people, these loans simplify the process, and they make it easier to get into your dream house, even in the absence of traditional income.
Typically, reverse mortgages are for people who own their own home and are 62 years or older. Basically, the bank buys your home back from you, but you get to stay in your home until you decide to move or pass away. You can get monthly payments or access to a line of credit, but the exact amount varies based on the value of your home and your age.
If you want help, contact us. At BrightPath, we are one of the best mortgage companies in Atlanta, and we can help you find the right options for your situation.