Georgia mortgage loans is committed to helping you find the right mortgage product for your needs in Decatur. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
This mortgage rate quote form will take approximately 60 seconds to complete. Here's how our service works:
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Are you a pensioner applying for a loan? Here are 5 things you
should remember
As a pensioner, applying for loans and finance can be
problematic. Some of the best deals in the market may be
unavailable to you because you do not meet the ideal criteria
that lenders look for. For example, because of your situation
you may no longer be able to generate income. To make up for
this, you need to make sure that other aspects of your loan
application are presented strongly to allow you to obtain the
loan most suited to you.
Your age may make you a credit risk
In general, the main thing that lenders consider when reviewing
a credit application is risk. Your credit history, income and
age may all point to you being a high credit risk and lenders
may consequently decline your application. Because of these
factors, senior citizens and pensioners may experience greater
difficulty in obtaining a loan. However, if you can show that
you are able to service your loan for the duration of the term,
or even prepay the interest, you still have a good chance of
succeeding in your application.
You need to demonstrate loan serviceability in your application
Regardless of your age and employment status, the main thing you
need to show is that you can actually pay back the loan you wish
to take out. If the lender decides that you will have no
difficulty making the scheduled repayments for the term of the
loan, you will probably be successful in your application. Any
information you can provide regarding your assets and income
will obviously be relevant.
Being an existing homeowner may help your situation
Even if you have strong income as a pensioner, a number of
factors such as illness or hospitalisation may affect that
income and lead to financial difficulty. If you are a homeowner,
you may be able to access any funds or equity in your property
to secure the loan and convince the lender that you can meet the
proposed repayments for the term of the loan.
Non-standard loan facilities may be difficult to obtain
Line of credit mortgages, some long-term fixed-rate mortgages
and mortgages that offer payment breaks are all innovations that
have appeared in the mortgage market in recent years.
Unfortunately, many of these mortgages may be unavailable to
pensioners. Lines of credit, for example, which allow the
homeowner to take equity out of his or her home, present greater
risk to a money lender because of their potential to extend the
loan period and create more opportunity for default. Because
pensioners may already be considered high risk, it is unlikely
that these financial products will be available.
You may be required to apply for loan insurance
Depending on your circumstances, you may wish to obtain loan
insurance. This ensures that your loan repayments are met in the
event of involuntary unemployment, injury or death. Although the
premium may be higher than average due to your status as a
pensioner, a lender may nevertheless require you to obtain loan
insurance before approving your application.
About the author:
Nick Cameron is a writer for Australian Debt Reduction which is
part of Australia's largest Debt Relief organisation and has
assisted more than 10,000 Australian's reduce their debt. You
can read more articles and find out more about how to reduce
your own debt at http://www.australian-debt-reduction.com.au or
by calling 1300 306 272 from within Australia.