Georgia mortgage loans is committed to helping you find the right mortgage product for your needs in Milledgeville. 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.
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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.
In recent years, the mortgage industry has introduced dozens of
new types of loans. The needs of every borrower are different,
so the mortgage companies have tried to come up with an answer
for every problem. They’ve introduced 40-year mortgages,
promoted 15-year mortgages, and introduced the wildest array of
variable-rate mortgages imaginable. There are mortgages that
have interest rates that adjust every few months, every few
years, or just once. A recently popular product that thrives on
the East and West coasts is the interest-only mortgage, which
reduces payments by not requiring payment on the loan’s
principal for the first few years of the loan. The prospective
homebuyer could have as many as one hundred possible types of
loans to choose from when searching for a mortgage. Amidst this
huge array of loan types, one type is growing in popularity
faster than all the rest, and it may surprise you. The
fastest-growing type of mortgage in America right now is the
traditional 30-year, fixed-rate loan. Last year, only about 35%
of all borrowers took out a 30 year, fixed-rate loan, but so far
this year, the rate has increased to nearly 50%.
This may
seem odd, as most everyone has been opting for adjustable-rate
mortgages for the last few years. Adjustable rate mortgages tend
to offer lower interest rates, and lower interest rates mean
lower payments. These loans have been popular with buyers who
move often, have lower incomes or buyers who simply want to
invest their money elsewhere. So why is the 30-year fixed-rate
mortgage back in style? Because interest rates have dropped to
their lowest point in fourteen months, and they are nearly as
low as they were in the summer of 2003, when they reached the
lowest point on record. In short, the 30-year fixed-rate
mortgage is not only seen as competitive with other types of
loans, but it is actually seen as safer. Borrowers who have
adjustable-rate mortgages enjoy their biggest advantage when
rates are high, knowing that their interest rate is lower than a
fixed-rate mortgage. But when interest rates for the market as a
whole reach historic lows, the borrower with an adjustable-rate
mortgage knows that their rate can only go up. At times like the
present, when rates are only likely to go up, converting an
adjustable rate loan to a fixed-rate loan is a smart move.
First-time buyers can safely take on a 30-year fixed-rate loan
and be comfortable in the fact that their rate will stay fairly
low for the duration of their loan.
Sometimes, the way
things have always been done turns out to be the best. While
there are still some buyers who will benefit from
adjustable-rate loans, most borrowers would do well to lock in
their loan at a fixed rate now. Historically, fixed-rate
mortgages have rarely been under six percent, so obtaining such
a loan while they are available is one of the smartest moves a
homeowner can make.
About the author:
©Copyright 2005 by Retro Marketing. Charles Essmeier is the
owner of Retro Marketing, a firm devoted to informational
Websites, including End-Your-Debt.com, a Website devoted to debt consolidation
information and HomeEquityHelp.net, a site devoted to
information on home
equity loans.