The Peachtree state is one of the most sought-after states in the country. With the Appalachian Mountain range touching the northern part of the state and the ocean towards the far eastern part of the state, Georgia is one of the most beautiful places in the world. It is also home to the world’s largest aquarium, Georgia Aquarium, and several world-renowned universities, not to mention some of the most spectacular beaches and weather one could desire. Georgia is a wonderful place to live, which is no secret. People are moving to many parts of Georgia, including Atlanta—Georgia’s biggest city and home to some of the best culture and information in the entire South. These benefits of living in Georgia make the demand for housing quite high, which means high priced homes across the state. This influx of people, however, can be advantageous to current homeowners, because the increased value of their existing home means more equity. If you are in a position in which you may need to tap into some of that equity, or if you are a Georgia resident who is simply looking to lower his or her monthly payments, then you may want to consider refinancing.
Quick Georgia Housing Facts:
- Percent of homeowners in Georgia: 67.5%
- Percent of renters in Georgia: 33.5%
- Median annual income in Georgia: $43,180
- Average credit score in Georgia: 668
- Best Georgia city to live in: Peachtree City, GA
- Median Georgia home value: $105,500
When to Refinance in Georgia
Simply explained, refinancing is the process by which a family obtains a new loan to pay off the remaining balance on their existing home loan. This allows them to take advantage of rates and terms that may not have existed when they initially obtained their home loan, which can lower monthly payments and liberate much needed equity. While the process sounds relatively simple, there are some considerations that each Georgia resident must consider prior to refinancing. First, it is important to determine the terms of your current mortgage. Does your current mortgage charge a penalty for individuals who pay off the loan early? If so, how much is the percentage? Next ask yourself if refinancing today will save you a significant amount of money in the long-term. It is also helpful to determine what the consistent rates have been in the real estate market.
How much house can I afford in Georgia
One of the biggest problems facing Georgia homebuyers is figuring out how much house you can afford. We have a ton of online mortgage calculators to help you find out which loan program will be right for you.
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