If you are looking to buy a home here in Atlanta, you may be wondering where is the best place to get a mortgage from. Obviously, many things come into play such as interest rates, programs, and costs.
In this article, we’re going to talk about the benefits and advantages of working with a mortgage broker in Atlanta. We’ll also explore the types of programs available for homebuyers in Georgia and how an experienced mortgage broker in Atlanta like Andes Mortgage LLC can help you navigate through them.
How is the housing market in Atlanta, GA?
In 2023, the Atlanta housing market continues to show strong price increases with the median sales price in September reaching $410,000, a 2.5% increase from the previous year, and the average sales price rising to $502,000, a 5.1% increase.
The Atlanta market remains competitive, with homes selling after an average of 29 days on the market. Buyers may find opportunities as over half of the homes sold below the asking price in October. The median listing home price as of September was $439.9K, which is a 2.3% increase year-over-year. Overall, Atlanta is still a strong market favoring sellers but we have been seeing lots of buyers start to get more negotiating power .
Getting a mortgage with a mortgage broker in Atlanta vs a bank?
While it may seem easier to go directly to a bank for your mortgage needs, working with a mortgage broker can actually provide you with more benefits and options.
For instance, a mortgage broker acts as an intermediary between you and multiple lenders, which allows them to shop around for the best rates and programs on your behalf. Meanwhile, banks usually only offer their own mortgage products and may not have as competitive rates.
Additionally, a mortgage broker in Atlanta will also have a strong understanding of the local market and relationships with the city’s real estate agents, which is crucial when it comes to getting the best deal for your specific needs. They can guide you towards programs that cater to first-time homebuyers or those with lower credit scores, or specific situations whereas banks typically only a few mortgage programs and not much flexibility.
What Is a Mortgage Broker?
A mortgage broker is a licensed mortgage company who acts as an intermediary between you and potential lenders, helping you secure financing for your home purchase. They work with various banks and financial institutions to find the best mortgage rates and programs that meet your specific needs. For instance, Andes Mortgage LLC has relationships with over 40 different lenders nationwide ensuring that our clients have access to the most competitive rates and programs on the market.
In the home buying process in Atlanta, a mortgage broker can play a crucial role. They can help you understand the different types of mortgage loans available and guide you towards the best option for your financial situation.
Here in Atlanta, there are a number of programs unique to residents of the city which a mortgage broker like Andes Mortgage LLC has access to. Furthermore, a mortgage broker will help you navigate the paperwork necessary and guide you through the process a lot more smoothly than you would experience with a bank.
Types of Mortgage Programs Available in Atlanta
There are several types of mortgage programs available for homebuyers in Atlanta, each with its own set of eligibility requirements and benefits.
Conventional Loans: These are traditional loans offered by banks or lenders, with varying down payment amounts required. In Atlanta, the median down payment for a conventional loan is 5%, but options exist for lower down payments.
FHA Loans: Backed by the Federal Housing Administration, these loans offer more flexibility in terms of credit score and down payment requirements. The minimum credit score for an FHA loan in Atlanta is 580, and the down payment can be as low as 3.5%.
VA Loans: Available to military veterans, active-duty service members, and their eligible spouses, these loans offer no down payment options and competitive interest rates.
Non-QM Loans: A mortgage broker in Atlanta can also help you secure a Non-QM loan which falls outside of traditional mortgage programs. These loans typically have more lenient qualification requirements such as bank statements only, or DSCR loans for investors.
Down payment assistance: In Atlanta, there are also various programs that offer down payment assistance for first-time homebuyers or families that meet an income limit and other criteria. A mortgage broker can help you understand and apply for these programs, increasing your chances of getting approved.
How a Mortgage Broker in Atlanta Can Help You Secure the Best Mortgage
A mortgage broker in Atlanta like Andes Mortgage LLC can provide valuable assistance throughout the home buying process. Here are some specific ways they can help you secure the best mortgage for your needs:
Negotiating with Lenders: As an intermediary, a mortgage broker can negotiate on your behalf to get the best rates and terms for your mortgage.
Lower costs: Getting a mortgage with a mortgage broker is typically much cheaper than when you go to a bank or a direct mortgage lender. Since mortgage brokers work in the wholesale space, the lender that the broker works with gets to save money on marketing and overhead which allows the broker to then pass those savings over to the borrower,
Faster closings: Mortgage brokers work lighting fast. On average, we conduct closings in as little as 10-14 days, putting our clients offers as strong as a cash deal that closes in a similar timeframe.
Local Market Expertise: A mortgage broker in Atlanta will have a strong understanding of the local market and can guide you towards programs and options specifically tailored to residents of the city.
Personalized Service: A mortgage broker will work closely with you to understand your unique needs and financial situation, providing personalized guidance throughout the process.
So when it comes to getting a mortgage in Atlanta, don’t limit yourself to just banks. Consider working with a mortgage broker for a more personalized and beneficial experience. Overall, the city’s real estate market is still strong for sellers, but having an experienced professional on your side can give