Today's Mortgage Rates

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Georgia is a great place to practice your golf swing, cheer on the Braves, or listen to live jazz; but it's also a great place to buy and finance your home. You can simplify your search for the best mortgage rates by learning some mortgage basics. Here are a few examples:

  • Comparing mortgages by payment alone is dangerous. When a mortgage has a very low payment, it might mean that you aren't paying down any principal.
  • Paying down your mortgage allows you to build equity. Therefore, it's important to know how your prospective mortgage options will amortize over time.
  • Evaluating mortgages by the stated rate alone can be misleading. Instead, look at the annual percentage rate or APR; it includes the mortgage's upfront closing costs.

Understanding Mortgage Loans and Rates

Finding and comparing the many mortgage options available can be a chore. That's why provides a full complement of mortgage-related resources. You can browse rates, read articles, look up terms in the glossary, run the numbers with mortgage calculators, and find qualified Georgia lenders.

Adjustable-rate Mortgages

An adjustable-rate mortgage (ARM) has a low initial rate that remains in place for a specified time period. After that time, a variable rate takes effect. The variable rate is adjusted at regular intervals, according to the movements of an index such as the 12-month moving Treasury average. The variable nature of the ARM makes it somewhat riskier than a fixed-rate mortgage (FRM). Many borrowers refinance out of the ARM once they can afford a more conventional FRM.

Home Equity Loans

When you want to cash out your home equity, you have two options: a second mortgage, or a mortgage refinance. Home equity loans are fixed-rate second mortgages. They're often compared to refinance mortgages because both are used for similar purposes. Often, a home equity loan carries a higher rate than a refinance. However, when you want to pay off the debt quickly, or when your first mortgage is locked in at a low rate, the home equity loan might be the better option.

Local Mortgages

Locating qualified brokers is as easy as browsing through our Georgia broker directory. Before you reach for the phone, however, make sure you're prepared to explain your needs. Here are some tips:

  • Have a good grasp on how much loan you can afford. Try testing out different mortgage loans and rates with our mortgage calculator.
  • Think about how long you intend to own the home; this could determine whether an ARM or FRM is more suitable.
  • Get familiar with how different loan types compare in terms of rates. For example, mortgages with shorter pay-off schedules have lower rates than mortgages with longer pay-off schedules, and refinances have lower rates than second mortgages.

Finally, make it a point to shop around with several lenders. The downside is that you'll have to fill out a few loan applications; however, you'll benefit from having options to compare.