Georgia Mortgage Lender

    The Best Georgia Mortgage Lenders In 2021

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    Georgia is the perfect destination for potential homeowners who appreciate metropolitan amenities and country living in a single location. But despite being one of the cheapest places to live in America, buying a home in this state can be challenging without the right lender. 

    Today’s mortgage rates are becoming increasingly competitive, spiking nearly 3% in 2021. But with the right lender, you can get the best deals available on the market! And if you want to fight the right Georgia lender, this guide is for you. Keep reading to learn how to pick the best mortgage lender and which lenders we consider the best.

    How To Shop For A Mortgage Lender

    When shopping for a mortgage lender in Georgia, below are a few factors you should take into account. 

    Types Of Lenders

    No two lenders have the same rates and policies. Some might even serve a different purpose than others. Below are the two common types of mortgage lenders you can work with. 

    • Direct lenders: These include banks, credit unions, or individual loan officers who handle the entire mortgage process from start to finish. Some institutions offer discounts to existing customers and can even help you get pre-approved. 
    • Mortgage brokers: Unlike a direct lender, a mortgage broker doesn’t directly issue your home loan. Instead, mortgage brokers compare rates and products from multiple lenders and pick the appropriate person for the job. If a potential homeowner cannot qualify because of their income level or credit score, it is a mortgage broker’s job to find one best suited to their needs. If necessary, a broker also negotiates mortgage loans for you. 

    Mortgage Products

    There is more than one Georgia residential mortgage that you can apply for – these include the following. 

    • Conventional loan: This type of loan is the most common and adheres to borrowing limits listed by Fannie Mae and Freddie Mac. They typically require that applicants have good credit and stable income to qualify. 
      • Fixed-rate: Fixed-rate conventional loans have unchanging interest and are best for homebuyers who like predictable monthly payments. 
      • Adjustable-rate: These loan types adhere to a fixed rate for a set period, then fluctuate according to the housing market. 
    • Government-backed loan: Government mortgage loans are issued by entities like the Federal Housing Administration (FHA) or the Department of Veteran Affairs. Even if you don’t have the money for a down payment or have bad credit, you may still qualify for this type of loan. 
    • Refinance mortgage: Refinancing allows consumers to use a loan to consolidate debt or pay off an existing mortgage. 
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    Affordability

    No two mortgage professionals charge identical fees, nor can they predict how interest rates will change. To determine how affordable a mortgage lender is, you should instead consider the following:

    • Credit score: Most mortgage lenders only approve clients with a credit score of at least 620. Generally, the higher your credit score, the more favorable your loan terms are. However, some lenders provide additional financing or waive closing fees for first-time buyers. 
    • Down payment: If you are applying for a conventional loan to buy a new home, most lenders require a downpayment of 20%. Though some will go as low as 3%, this subjects consumers to private mortgage insurance (PMI), which increases the total cost of your loan. 
    • Additional fees: Application and origination fees, inspections, underwriting costs, and the Georgia Residential Mortgage Act (GRMA) are just a few of the additional expenses you’ll have to save money for upon closing. You can learn more about the GRMA on the Georgia General Assembly’s website. 

    Application Process

    The application process will vary per mortgage lender. Before a client purchases mortgage loans, it pays to examine these factors. 

    • Online access: A loan officer who offers their services online can make it easier for homebuyers who are always busy, live far away from physical branches, or frequently travel. 
    • Timeline: Depending on your mortgage lender, closing a deal could take between a few weeks and a few months. Ask if they offer guidance during the underwriting process. 
    • Transparency: A reputable mortgage company shouldn’t only be licensed, they should also be transparent about what they charge. Many highly regarded mortgage lenders will publish online financial tools such as calculators and comparison tables. 
    • Reviews: To verify that a lender can live up to their promises, search and review any customer satisfaction report available online. If their website offers limited information, you can consult the Better Bureau Business (BBB) and JD Power satisfaction surveys. 
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    Top 5 Georgia Mortgage Lenders

    If you’re aspiring to become a Georgia homeowner, here are the five best mortgage lenders you should add to your list of options.

    Carrington Mortgage Services: Best For Poor Credit

    Minimum credit score: 500

    Minimum DP: 3%

    Loan types offered: 

    • Conventional 
    • FHA
    • VA
    • USDA
    • Refinancing 
    • Carrington Flexible Advantage 
    • First-time homebuyers assistance

    BBB Rating: A+

    JD Power rating: 703

    Overview: Since 2011, this lender has financed over $22 billion in home loans. Consumers can access all their services online and even make payments through a mobile application for convenience. 

    First-time homebuyers will love its assistance programs, which appoint a dedicated loan officer to clients who are unable to visit a physical branch or submit documents themselves. If you have poor credit, this lender provides assisted funding programs and accepts a rating of as low as 500. 

    Availability: Available in Georgia and 48 other states

    Rocket Mortgage By Quicken Loans: Best For Digital Application

    Minimum credit score: 620 for conventional loans, 580 for government-backed loans

    Minimum DP: 3%

    Loan types offered: 

    • Conventional 
    • Jumbo 
    • Government-backed
    • Refinancing

    BBB Rating: A+

    JD Power rating: 883

    Overview: Through this online company, you can submit an application and pre-qualify in as quickly as ten minutes. If you’re not on the market for a USDA mortgage or HELOC, you can qualify for a conventional loan even with a less-than-stellar credit score. Don’t have the money for a sizable down payment? You can pay as low as 3%. 

    Consumers can track their mortgage status through the Rocket Mortgage digital app and contact their dedicated loan officer online or by phone. 

    Availability: Available in Georgia and to consumers in all 50 states

    Fairway Independent Mortgage: Most Versatile Mortgage Products

    Minimum credit score: 620

    Minimum DP: 3%

    Loan types offered: 

    • Purchase 
    • Refinance 
    • HELOC 
    • Reverse 
    • Government-backed 
    • Jumbo 

    BBB Rating: A+

    JD Power rating: N/A 

    Overview: If you value a wide array of services, mortgage loans, and payment schemes, Fairway Independent Mortgage is the lender for you. Consumers can pick between a robust suite of mortgage products and complete their online application in as quickly as ten minutes. Fairway also partners with state housing finance agencies to help consumers shoulder closing costs and secure a down payment. 

    Availability: Available in Georgia and to consumers in all 50 states

    Veterans United Home Loans: Best For VA Loans

    Minimum credit score: 620

    Minimum DP: 3.5%

    Loan types offered:

    • VA purchase
    • VA IRRRL
    • VA cash-out refinance
    • Energy-efficient mortgages

    BBB Rating: A+

    JD Power rating: 873

    Overview: For active military service members and veterans, the Department of Veterans Affairs makes it easy to search for and buy a home with no down payment. Through Veterans United Home Loans, applicants can qualify even with a high debt-to-income and loan-to-value ratio. 

    While Veterans United Home Loans doesn’t impose a borrowing minimum, each potential Georgia homeowner can apply for a maximum of $1.5 million. 

    Availability: Available in Georgia and 16 other states

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    Bank Of America: Best For High Borrowing Limits

    Minimum credit score: 620

    Minimum DP: 3%

    Loan types offered: 

    • Conventional 
    • Jumbo 
    • FHA 
    • VA 
    • HELOC 
    • Refinance 

    BBB Rating: A+

    JD Power rating: 860 

    Overview: The Bank of America has been providing traditional banking and mortgage products for over two centuries. It is often hailed for its exceptional customer service and unbeatable rates. Plus, a person who is already banking with BoA is entitled to discounts on origination costs and funding assistance. It also provides additional funding for first-time homeowners and those hoping to pull up to $2.5 million in borrowing amounts. 

    Availability: Available in Georgia and to consumers in all 50 states

    The Bottom Line

    If your focus is to buy a home in a state with highly affordable living conditions, Georgia is the place to be. So long as you work with a licensed, reputable, and available lender or mortgage broker, the search for your new home shouldn’t have to be a challenge. 

    For more information on the home buying process, contact the experts at Wesley Mortgage, LLC. You can learn all about the best mortgage brokers and lenders in the state and get access to other home buying resources!

    Written By Ed Wallace
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