If you’re looking to refinance your mortgage in Pennsylvania, your options include:
Current 30-year fixed mortgage refinance rates are averaging: 7.31%
The current average rate for a 15-year fixed mortgage refinance is: 6.76%
See whether refinancing makes sense for you using our mortgage refinance calculator.Interest rates rose through most of 2023, but the mortgage rates forecast for 2024 is for rates to continue the slow descent they began at the end of last year. Homeowners shouldn’t expect any drastic changes in affordability just yet, but falling rates is one piece of the puzzle. If average 30-year mortgage rates continue to drop and end the year as expected — closer to or even below 6% — the housing market may just begin to bounce back.
Some factors determining mortgage rates in Georgia are out of your control, but there are also many you can use to influence the rates you’re quoted. Here are a few steps you can take now to get the best mortgage rate:
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?If you’ve applied for a mortgage, you should receive a loan estimate that contains the terms the lender is willing to offer you. If you decide it’s an offer you want to move forward with, it’s time to ask about a mortgage rate lock. By “locking” in the interest rate, you prevent it from changing as you move through the loan process toward closing.
This program, designed for first-time homebuyers in Georgia, allows borrowers to finance up to $10,000 in down payment funds when buying a house. Plus, if you’re a person with a disability, a military service member or an employee in certain service professions, you can access even more — up to $12,500.
Borrowers must:
Have a minimum 640 credit score
Have assets that don’t exceed $20,000 or 20% of the home’s sale price, whichever is higher
Purchase a home within the program’s price limits, which range from $297,000 to $350,000 depending on your location
Have a household income within the program’s limits, which vary by location
Take a homebuyer education course
People who have never owned a home
People who haven’t owned real estate in the last three years
Qualifying counties, cities and townships are compiled in this list of Georgia targeted areas.
Those working in education, health care or public protection can qualify.
More comfortable with Spanish? Get the program details en español.This program for first-time homebuyers purchasing in Atlanta offers a second mortgage of up to $25,000 that can be used to cover a down payment, closing costs, mortgage points or part of the principal balance of the first mortgage. You won’t have to make any monthly payments or pay any interest, and the loan is forgivable as long as you stay in the home for 10 years and don’t tap your home equity with another loan.
Borrowers must:
Be a first-time homebuyer who has lived in Georgia for at least six months
Purchase a home in the city of Atlanta for no more than $375,000
Meet the program income requirements, which cap household income at 80% of the area median income (AMI)
Contribute at least $1,500 of their own money
Take a homebuyer education class
If you have some dings on your credit, you’re in luck — this program only requires a 580 minimum credit score and still offers up to $10,000 toward your down payment. Even better, if more than one person will be on the mortgage, only one borrower has to meet that minimum requirement. That said, this program isn’t for everyone, since it’s only available to low- and middle-income borrowers purchasing in Gwinnett County.
Borrowers must:
Be a first-time homebuyer
Earn within the program’s income limits, which are 80% of the area median income
Have a minimum 580 credit score
Have a maximum 43% DTI ratio
Purchase a Gwinnett County home for no more than $323,000 (existing home) or $346,000 (new construction)
→ Georgia conventional loans. Conventional loans are a common choice for first-time homebuyers, and many think of them as the industry standard. They come with minimum requirements set by Fannie Mae and Freddie Mac.
→ Georgia FHA loans. FHA loan requirements give homebuyers a little more leeway than conventional loans do, especially when it comes to credit scores. It’s possible to qualify with a credit score as low as 500 if you make a 10% down payment. You can make a much smaller down payment, though — as little as 3.5% — if you have at least a 580 credit score.
→ Georgia VA loans. VA loan requirements are the most accessible you’re likely to find — the only catch is that you can’t qualify unless you have an eligible military service record.
→ Georgia streamline refinances aren’t an option for everyone, but they can be a quick and easy option for borrowers refinancing from an FHA loan into another FHA loan, or from a VA loan into a new VA loan. FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs) give homeowners a way to refi with less hassle and red tape.
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