Your expectations when working with mortgage lenders in Georgia depend on the type of lender. A lender that works directly for a lending institution will provide all of the options that particular lender allows and that you qualify for. Other lenders actually work as brokers that shop your loan to a variety of lending institutions.

Mortgage brokers in Georgia can provide access to more lenders but may not share your best interests. Brokers usually receive a commission from the lender and will tend to push mortgages that offer the greatest profit for them.

There are three points you should discuss with a mortgage lending company in Georgia when considering which one to use:

1. Interest rate on the loan. Rates change quickly in the volatile housing market and your credit rating will also affect the rate you can expect from Georgia mortgage companies.

2. Points on the loan. Prepaid mortgage interest points will lower your interest rate but other types of points may not benefit you at all.

3. Closing costs. Lenders charge fees for various services and you will want to know what they are as soon as possible.

Action Steps
The best contacts and resources to help you get it done

Get loan offers through Georgia mortgage brokers

Talk with several of the broker's recent clients before getting a loan through that broker. Find out if the broker was able to meet all of their expectations.

I recommend: The Mortgage Center is in Macon and offers online application in addition to a variety of tools for prospective home buyers. Premier Mortgage of the South specializes in customer service for customers throughout Georgia.

Obtain a referral for mortgage lenders in Georgia from a real estate agent

Real estate agents usually send a substantial amount of business to their preferred lenders. A smart mortgage lender will take good care of these referrals.

I recommend: Heritage Oaks Properties on St. Simons Island provides real estate and brokerage services for customers in southeast Georgia. McBride Realty is in Evans and uses specific business partners including mortgage brokers.

Solicit quotes directly from mortgage companies in Georgia

You may want to contact a lender directly if you are already comfortable with one. Local lenders should be familiar with specific factors that affect the housing market in your area.

I recommend: Ellis Management Group is based in Albany and has a printable application form for mortgage loans and other financial services. America’s First Home Mortgage in Dallas has an online application process with a variety of mortgage resources and tools.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Georgia mortgage lenders may sell your loan to another company. Don't be surprised if you receive a notice from both the old and new lending company advising you of the change and providing instructions for making your payments to the new lending company. The right to service your loan also includes managing your escrows for insurance and property taxes.

Georgia mortgage companies can help you finance a home whether you’re in the market for a luxury condo in Buckhead, an apartment in downtown Atlanta or a ranch house in Macon. There are many mortgage lenders in Georgia, but researching and comparing rates among the many competitors can be a time-consuming undertaking. Mortgage brokers in Georgia can simplify the task by searching out the best rates on Georgia mortgage loans for you. Mortgage brokers in Georgia will also have access to deals that you may not have found on your own.

Mortgage brokers in Georgia should assess your financial circumstances, help you understand what you can afford, find a mortgage that fits your needs and guide you in navigating the paperwork. When hiring Georgia mortgage companies, choose local vendors that really understand the neighborhood where you want to buy. Another benefit of using local mortgage lenders in Georgia is that they will be available for in-person appointments and can deliver documents to you quickly when necessary.

To find the best Georgia mortgage companies:

1. Make sure you're working with reputable mortgage companies in Georgia by checking records with government and better-business groups.
2. Start your search online and look at rates and terms on a variety of websites for lenders and mortgage brokers in Georgia.
3. Don't limit yourself to a mortgage lending company in Georgia or to Georgia mortgage brokers. National loan originators and brokers may offer the best terms on Georgia mortgage loans.

Action Steps
The best contacts and resources to help you get it done

Search local Georgia mortgage brokers associations

Georgia mortgage brokers associations can help you find professionals who understand the local housing market.

I recommend: At the Georgia Association of Mortgage Brokers, you can search for a licensed mortgage broker by city, state or ZIP code.

Consider local and regional banks for Georgia mortgage loans

Local and regional banks are some of the most common mortgage lenders in Georgia.

I recommend: The Georgia Bankers Association provides a list of Georgia banks. Or you can find regional banks that are mortgage lenders in Georgia at LocalLender.info or USCITY.net.

Use online sources for mortgage companies in Georgia

Numerous online sources can help you shop for the best Georgia mortgage lenders.

I recommend: MortgageLoan.com lets you search their list of mortgage brokers in Georgia and lenders by city, as does Mortgage-X.com.

Work with national mortgage lenders

Many national mortgage brokers and lenders offer Georgia mortgage loans that may be right for you.

I recommend: Consider national lenders, such as GMAC Mortgage or Wachovia, or check out Equifax, which offers a nationwide mortgage referral service. Veterans may qualify for a loan through the VA Mortgage Center.com or USAA.com, where you can get pre-approved for Georgia mortgage loans.

Check with legal authorities about mortgage companies in Georgia

Make sure the Georgia mortgage lenders or mortgage brokers you're considering are trustworthy and haven't been reported by borrowers for shady business practices.

I recommend: To check on mortgage lenders, contact your local branch of the Better Business Bureau (BBB), such as the BBB of Metro Atlanta, Athens and Northeast Georgia; Central Georgia; or West and Southwest Georgia. At the Georgia Department of Banking and Finance, you can search for licensees, file a complaint, as well as secure other valuable information about mortgage lenders in Georgia.

Find out what local experts are saying about mortgage brokers in Georgia

Local real estate experts, including your own real estate agent, can provide information on Georgia mortgage brokers and lenders as well as tips on the market for househunters.

I recommend: Georgia Mortgage Loan is a blog that provides information and pulls articles related to Georgia mortgage loans.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Georgia mortgage companies should be familiar with state fees and should have a network of local appraisers and title companies to make the process go more smoothly.
• •  Georgia mortgage loans from your bank are negotiable. Shop around for rates from mortgage brokers and mortgage companies before approaching your local bank.
• •  Rate quotes on Georgia mortgage loans should all be from the same time period due to market fluctuations.
• •  Tied mortgage brokers don't charge an upfront fee, but work with a limited number of mortgage companies in Georgia who pay them a commission should you choose their mortgage.
• •  An independent broker charges an upfront fee but casts a wider net, offering a variety of deals from a host of Georgia mortgage lenders.

Choosing a mortgage lender from the many banks, brokers and lenders is usually the most challenging step in making the most of mortgage lenders in Georgia. Your best strategy should be to select a large number of Georgia mortgage lenders and eliminate candidates as you make your criteria more selective.

A mortgage broker can help you save time in your search for Georgia mortgage loans but they are not able to negotiate terms you would not be able to get for yourself and they are not obligated to get the best deal for you.

There are three things you can do to locate the best mortgage lending company in Georgia for your needs:

1. Ensure your mortgage broker has specific expertise in your local real estate market. Housing markets can vary greatly within a short distance.

2. Check records with better business groups and government sources to ensure a Georgia mortgage company is reputable.

3. Search online to find the terms for a variety of mortgage lenders in Georgia. While the interest rate is important, there are other terms you should also consider. Be sure to use the same time period when comparing interest rates due to the volatility of the real estate market.

Action Steps
The best contacts and resources to help you get it done

Search for reputable mortgage brokers in Georgia

Georgia mortgage brokers are closely regulated and there are a variety of online resources you can use to investigate a mortgage broker's credentials.

I recommend: The Georgia Association of Mortgage Brokers allows you to search for members by name, address and license type. Georgia Department of Banking and Finance provides a search capability of license holders by license number, name, city and state.

Find a directory of mortgage lenders in Georgia

There are a variety of websites that allow you to select a list of mortgage lenders by state. These sites typically provide other criteria as well.

I recommend: The Mortgages and Lenders Directory allows you locate mortgage lenders in Georgia by city and also has numerous mortgage-related resources. LoanPage.com provides the contact information for various mortgage brokers in Georgia.

Research mortgage companies in Georgia

There are many research sites in Georgia that provide information independent of any one mortgage lender. They may be able to offer specific advice on the housing market in your area and frequently have other resources to help you in your search for a mortgage loan.

I recommend: The Mortgage Brokers Directory displays links to mortgage brokers in Georgia by city. The Mortgage Broker Database lists the mortgage brokers in Georgia by county.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  An independent broker will charge you a fee upfront but will contact a larger number of Georgia mortgage lenders. Tied mortgage brokers don't charge an upfront fee but only work with a limited number of lenders. These brokers usually get a commission from the lender upon approval of the loan.

Georgia mortgage companies can help you finance your home or property. Buyers have access to many mortgage lenders in Georgia, but researching and comparing rates among the many competitors can be time consuming. Government agencies and statewide organizations can help you narrow your search and avoid fraudulent deals. Learn the following terms to make the right choices for your business.

Action Steps
The best contacts and resources to help you get it done

Georgia Association of Mortgage Brokers (GAMB)

The Georgia Association of Mortgage Brokers is a non-profit organization that provides education and legislative initiatives for its members and encourages professionalism and integrity in their dealings with the public. The association maintains a list of members in Georgia by name, address and license type. Buyers can access this list when they are looking for mortgage financing.

I recommend: An article on the Georgia Association of Mortgage Brokers website explains some of the organization's initiatives on behalf of consumers.

Mortgage Bankers Association of Georgia (MBAG)

The Mortgage Bankers Association of Georgia is a trade association whose goal is to both preserve and improve mortgage banking in Georgia. Many mortgage lenders, brokers and their affiliates belong to this organization. In addition to providing legislative and educational assistance to its members, MBAG supplies information to home buyers.

I recommend: The Mortgage Bankers Association of Georgia canon of ethics explains the function and purpose of this organization.

Georgia Department of Banking and Finance

The Georgia Department of Banking and Finance oversees and regulates financial services throughout the state of Georgia. This government entity requires banks, mortgage lenders, and other financial services to register and obtain licenses. Buyers seeking financing for purchasing property can find information on regulations and lists of registered financial institutions.

I recommend: Find more information on the services the Georgia Department of Banking and Finance provides for consumers.

Georgia Real Estate Fraud Prevention and Awareness Coalition (GREFPAC)

The goal of the Georgia Real Estate Fraud Prevention and Awareness Coalition (GREFPAC) is to prevent mortgage fraud in Georgia. GREFPAC informs consumers about the Georgia Residential Mortgage Fraud Act and issues notices about federal laws from the FBI and Mortgage Bankers Association (MBA).

I recommend: Find out more about GREFPAC activities at their website.

Georgia Fair Lending Act (GFLA)

Georgia has many laws regulating mortgage lending. The Georgia Fair Lending Act (GFLA) is an anti-predatory lending law designed to protect the poor, uneducated, or elderly from signing mortgage loans they will be unable to pay. Lenders may not extend loans that they know are not repayable.

I recommend: The Atlanta Business Chronicle gives an overview of the amendments recently made to the Georgia Fair Lending Act.

Georgia Governor's Office of Consumer Affairs (OCA)

The Georgia Governor's Office of Consumer Affairs (OCA) protects buyers from illegal, deceptive and unfair practices in the marketplace. In this capacity, they supply home buyers with information on mortgage lenders. They also deal with complaints about fraudulent practices in the state mortgage industry.

I recommend: Georgia Governor's Office of Consumer Affairs has an article for home buyers on qualifying for financing, understanding the types of mortgages available and some dangers to avoid when taking on a mortgage.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Choose local vendors because they have insider knowledge of the neighborhood. Local lenders in Georgia are available for in-person appointments and can deliver documents to you quickly when necessary.