If you think that Southern Hospitality and warm winters sound nice, then maybe you are ready for a move to Athens, GA. Athens offers you everything you want when it comes to southern living. Athens’ real estate offers you exactly what you need. With great restaurants, access to larger cities, and the mild winters that Georgia offers, you are all set to go. With so much to offer, you should think about Athens for your next home. Before you do anything else, though, you might want to think about getting pre-approved for that mortgage.
Pre-approval is a common practice since it is a great way to start off your mortgage process. With your pre-approval all set, you will get a good idea of what you can afford and will also let sellers know that you are ready to make a serious offer on a place. If you already have financing set up, a seller is much more likely to take your offer than someone else’s.
What Do You Need to Do?
When you begin pre-approval for your Athens, GA mortgage, there are a few things you can expect. First, you will need to start documenting that you can afford the mortgage. That will involve pay stubs, tax forms, and a number of other income verifying procedures.
The first real step, though, is to figure out what kind of mortgage might work best for you. In the Athens area, most home buyers use either a fixed rate or adjustable rate mortgage. A fixed rate mortgage will offer a higher interest rate up front, but you are insulated from market activity that might normally hurt your payment. Adjustable rate loans will offer you a better upfront rate, but you are exposed to market conditions. Your payments and interest rate can ebb and flow with the market and with federal interest rates. There are a number of other types of loans as well. These nontraditional options are becoming more common, so if you think that one might work for you consult your mortgage professional about your options.
Paperwork
As was mentioned before, your Athens lender is going to want evidence that you can afford the loan. That will involve paperwork. Your lender will likely ask for the household income based on your tax returns for two or three years. You will also want show a history of employment for a couple of years. This shows the lender stability and ability to pay for the loan.
Finally, a credit check will be performed. This will let the lender know if you have been paying your bills on time in the past. The investors in loans want to know if you are a low or high risk borrower and the credit check will give that information. It will not only affect your loan application, but also what kind of interest rate you will get.
Refinancing
If you have already gotten a mortgage in Athens, GA, then you might be considering a refinance. Refinancing is when you actually take out a new mortgage to pay off your old one. That can be beneficial by helping you get new and better rates or otherwise improve your loan situation.
Many people refinance to cash out equity in a home they have been in for a while. Equity is the difference in what you owe on the home and what it is worth. Cashing that amount out will allow you to have extra cash on hand. That money can pay for a vacation, consolidation of bills, or even pay for your child’s college. No matter what you spend it on, it is a low-interest way of paying for a large purchase.
So if you are in Athens, GA looking to refinance, take out a home equity loan, or get that first mortgage, we can give you a hand with it. Simply fill out the short form below and a qualified mortgage professional will contact you shortly.
