Atlanta Mortgage : Atlanta Home Mortgages

One of the important decisions to be made regarding your Atlanta Home Mortgages is the type of rate to be chosen, as it plays a significant role in determining your monthly payments. Hybrid mortgages allow borrowers to benefit from the features of both a fixed rate and adjustable rate mortgage. In a hybrid mortgage the initial payments are fixed for 3, 5, 7, or 10 years depending on the program chosen. The rate for these fixed initial payments are lower than the rate of 30-year fixed rate mortgages. Borrowers who intend to sell or refinance after the initial period prefer hybrid mortgages. An adjustable rate mortgage is apt when you plan to stay in the home for less than 3 years, whereas a fixed rate mortgage is ideal for those who plan to stay beyond 10 years. Study the features of Atlanta Home Mortgage loans and avail competent advice to choose an option that will benefit you.

The following table features housing preferences and mortgage trends in Atlanta .

Statistics Type

Category Value

Atlanta Mortgage Statistics

Mortgage-Free Homes 27% Mortgaged Homes 73% With First Mortgage Alone 55% Second Mortgage or Home Equity Loan 19% Home Equity Alone 10% Second Mortgage Alone 9%

Atlanta Housing Expenses

Owner expenses as % of Income 20.3% Median Real Estate Taxes $1,336

Atlanta Housing Stocks

Median Year Constructed 1962 Year Constructed - Owner Occupied 1956 Year Constructed - Renter Occupied 1966

Atlanta Housing Market Data

Median Household Income $55,499 Total Housing Units 11,129 Average Home Price $111,754

Atlanta Mortgage Rates

Take time out to shop and compare Atlanta mortgage loans so that you can avail an option that is flexible and has low rates. Your choice of a fixed or adjustable rate mortgage will depend on your budget and long-term plans. When comparing mortgages, do so on relevant terms for similar options. Also compare Atlanta mortgage rates on the same day as they change everyday and unless your lender locks in the rate the quoted rates will not be your actual rates. Having a good credit rating and paying points, closing costs and the required down payment can help in lowering rates. Also find out if pre-payment penalty options and full documentation loans can help in lowering rates.