Finding a New Home Loan in Georgia

By Allison E. Beatty
Local Lender Columnist
Dec 15, 2006
If you're home shopping in Georgia, you know that there are many housing options to consider. Equally as diverse are the new home loan programs on the market. Here's a look at what's available.

Wide Variety of New Home Loans in Georgia

Georgia mortgage lenders have expanded their new home loan programs in recent years. Whether you are a seasoned home seeker or a first time buyer, there are options to meet your financial goals.

Consider Your Financial Needs

As you shop for new home loans in Georgia, ask yourself some questions:

• Are you searching for a new home loan with the lowest possible payments?
• How much money can you afford to put down, leaving some for emergencies and normal moving expenses?
• Is your income expected to increase in the next few years, making an adjustable rate mortgage more attractive?
• Is a low interest rate a key factor for you? If so, can you afford to pay points to lower the rate?

Get Pre-Approved For New Home Loan

Before getting your heart set on a certain new home, take some time to assess your finances. Talk with a few mortgage lenders and get a pre-approval letter stating how much house you can afford to buy. This will save you the heartache of falling in love with a house that is beyond your means.

Mortgage Through a Builder or Traditional Lender?

Some new home builders have alliances with mortgage lenders and package their homes with mortgages. To decide whether this is a good setup for you, consider:

• The new home builder's expertise and reputation. Would you buy a home in that new home development without the new home loan incentives? Make sure you are buying the house you want and not just jumping at a complete financing package that seems convenient.
• The builder's financing terms. While some Georgia builders offer good deals on financing, every situation is different. Make sure the new home loan terms are competitive and give you the interest rate and flexibility you want.

About the Author
Allison E. Beatty is a syndicated real estate writer who has been writing columns for 15 years.