Getting the Best Mortgage Rates in Atlanta (10-15-30-Year Fixed, 5/1, 7/1 ARM)
Purchasing a home can be an exciting time. For many homeowners in Atlanta, it marks change, renewal, progress, and the pride of ownership.
Not surprisingly, purchasing or refinancing a home can also be an expensive time, particularly when it comes to Atlanta mortgage rates.
Understanding Atlanta mortgage rates and getting a loan that fits with your current finances is the best way to ensure that a loan sets you up for financial success over the long run.
After all, an Atlanta mortgage will stick with you for the next few decades, making it crucial for homeowners to find the best Atlanta mortgage rates.
Needed Documents for a Mortgage Loan Application
According to Chase bank, below are the most common mortgage loan paperwork and documents that you’ll need to gather when applying for current mortgage rates in Atlanta.
- Paystubs reflecting at least 30 days of income
- Names/addresses of employers for the past two years
- W-2 records for the past two years
- 1-2 years of tax returns
- Completed and signed form 4506-T or 4506T-EZ
- 2-3 months of bank statements
- Year-to-date profit and loss statements and signed returns for past two years (if self-employed)
- Proof of pension income, if applicable
- Social Security and Disability payments, if applicable
- Dividend earnings
- Child support or alimony payments (optional disclosures)
- Copy of earnest money deposit
- Any information on debts like car loans, student loans, or credit cards
- Security accounts (stocks, bonds, life insurance)
Getting Better Atlanta Mortgage Rates with Larger Down Payments
Although some mortgage lenders in Atlanta require a down payment of 3 percent, the best way to secure better mortgage rates in Atlanta is to put down at least 20 percent of the home’s value.
Along with getting more the best Atlanta mortgage rates, a higher down payment means that you can avoid paying extra for private mortgage insurance (PMI).
Most mortgage lenders in Atlanta require the purchase of mortgage insurance for smaller down payments to protect their investments in case borrowers stop making payments.
Typically, borrowers must continue paying until they reach a loan-to-value ratio of 80 percent. While it may not help you cut down costs over the long-term, it certainly does provide short-term affordability for an Atlanta mortgage.
According to Zillow, the average premium for PMI ranges between $30-$70 for every $100,000 borrowed, which could make it an affordable compromise for borrowers that can’t put down the full 20 percent.
Additional Considerations for Atlanta Mortgage Rates
When searching for the best mortgage rates in Atlanta, there are a few additional pieces of information to keep in mind.
First, if you have a good, great, or excellent credit history and you are seeking an Atlanta mortgage for a loan totaling over $424,100, some lenders may be able to provide more competitive terms and mortgage rates in Atlanta.
For this reason, it’s important to confirm current mortgage rates in Atlanta and terms for specific amounts before making a commitment.
Second, it’s important to keep in mind that APR and payment estimates do not include state-specific taxes or required insurance premiums. As such, you should expect that your monthly Atlanta mortgage payment will be greater when taxes and insurance products are added.
Conclusion – Getting the Best Atlanta Mortgage Rates
Purchasing a home can be a confusing process, particularly when it comes to choosing an Atlanta mortgage.
With so many available Atlanta mortgage lenders, rates, and terms, how do you know which Atlanta mortgage is the right financial decision for you?
By looking closely at loan terms and mortgage rates in Atlanta, you will be well-equipped to find the best loan for your unique financial needs and goals.
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