Beginning as a small village called New Prospect Camp ground, Alpharetta was later renamed after the Greek words “Alpha” meaning first and “retta” meaning town. Now Alpharetta is one of the fastest growing cities in the South. With a low crime rate and close proximity to Atlanta, Alpharetta is a great place to live.
Alpharetta new homes and mortgages go hand in hand. Here’s a little introduction to help you understand the basics of Alpharetta mortgages.
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| Population 34,854 | Median Age 33.3 yrs | Household Size: 2.50 |
| Avg Commute: 27.7 min | Avg Income $71,207 | Avg Home Value: $226,300 |
| July High: 88.0°F | January Low: 29.1°F | |
Alpharetta Mortgages
If you are planning to relocate to Alpharetta, start thinking now about how you plan on financing your new home. An Alpharetta mortgage will probably be an option you will want to look into.
The basics of Alpharetta mortgages are similar to mortgages in cities all across the country. The two basic mortgages are fixed rate mortgages, or FRM, and adjustable rate mortgages, or ARM. With a fixed rate mortgage, the interest rate and monthly payment remain fixed for the entire life or term of the loan. In the United States, fixed rate mortgages are typically issued for 10, 15, 20 or 30 years, while adjustable rate mortgages are usually issued on a much smaller scale, sometimes as low as one year. Quite often the adjustable rate mortgage acts as a fixed rate mortgage for the first few years, and then the interest begins to fluctuate. Adjustable rate mortgages are usually more appealing to those who plan to move within a relatively short period of time (three to seven years) and are particularly attractive since the first few years of fixed rates are usually lower than average. There are, however, many other loan options, including blanket loans, budget loans, and wraparound mortgages. You should also see if you qualify for any government mortgage programs.
Your most important step in applying for a mortgage is to shop around. Quite often different banks will give different options to people with the same credit rating. Even if you have a bad credit rating, don’t think that you have to end up paying high interest rates. If you have good reasons for a bank to trust you, make sure they know them. If you are concerned with your credit history, you can order a copy from Equifax at (800) 685-1111, TransUnion at (800) 916-8800 or Experian at (800) 682-7654.
So make sure to start thinking about your mortgage today. That way you can avoid any hassles and headaches once you find that perfect home. Good luck!
By Brian McEwan
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A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®