Georgia Mortgage What To Expect When Buying A Home In Georgia

Georgia Mortgage What to​ Expect When Buying a​ Home in​ Georgia
Maybe you’re buying your first home in​ Georgia,​ or​ perhaps you’re relocating to​ Georgia from another state. ​
Either way,​ it’s important that you​ educate yourself on​ Georgia home loans before shopping for a​ home and​ mortgage. ​
This article explains what you’ll need to​ know before buying a​ home in​ Georgia
The median price of​ a​ home in​ Georgia is​ $111,​200,​ and​ homes in​ Georgia appreciate at ​ less than half of​ the​ rate of​ the​ average national home appreciation. ​
The rate of​ job growth in​ Georgia is​ well below the​ national average. ​
In fact,​ income levels in​ many parts of​ Georgia are too low to​ purchase a​ medianpriced home with a​ conventional loan.
Average interest rates on​ mortgages in​ Georgia are just .01% higher than the​ national average interest rate. ​
Home prices in​ Georgia can vary greatly between zip codes. ​
For example,​ in​ the​ summer of​ 2018,​ the​ median price of​ a​ home in​ Snellville,​ Georgia,​ was $148,​000; however,​ the​ median price of​ a​ home in​ Buckhead,​ Georgia,​ was $450,​000.
Georgia has the​ strictest mortgage lending laws of​ all 50 states. ​
The Georgia Fair Lending Act prohibits the​ financing of​ credit insurance and​ debt cancellation coverage and​ limits both late and​ payoff fees. ​
Georgia places limitations on​ all home loans as​ opposed to​ the​ highcost loan provisions of​ other states with comparable antipredatory lending programs.
Georgia’s Second Mortgage Loan Program offers down payment loans at ​ 0% interest to​ police officers,​ firefighters,​ educators,​ and​ healthcare workers. ​
Georgia also has a​ Fair Housing Law that prohibits mortgage discrimination against anyone because of​ their race,​ color,​ gender,​ religion,​ familial status,​ or​ national origin.

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