Mortgage Loan Types

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Georgia Bank & Trust has access to a variety of mortgage plans to meet your needs at competitive rates. Please call and ask to speak with any of our Mortgage Specialists to inquire about a loan on a new home, to refinance your existing home or to purchase a second home:
(706) 739-1780 in Augusta, (912) 355-9902 in Savannah, or (706) 316-2400 in Athens.

For your convenience, we have listed several types of mortgages below:

Conventional

This mortgage is a contract between the lender and the borrower, at the lender’s risk. The borrower’s property is security and it may be insured with a private mortgage insurance company. Conventional mortgages usually require larger down payments than FHA or VA loans.

FHA (Federal Housing Administration)

The FHA will insure the loan for the lender against loss in case the buyer cannot meet payments. It requires the buyer to carry mortgage insurance through FHA.

VA (Veterans Administration)

If you are a member of the armed forces, active military, a veteran, or a veteran’s widow you may qualify for a VA loan.

ARM (Adjustable Rate Mortgages)

The changes in the interest may vary up or down at fixed intervals, and is tied to a financial index such as one-year Treasury note. The ARM often offers a low introductory interest rate, much like a credit card company does. Like a credit card, the rate will go up after a certain time. ARMS are popular to buyers who know their income will rise in the future or who don’t plan to own the home for many years. Ask our Mortgage Specialists to go over the fine points of an ARM.

Fixed Rate Mortgage

The interest rate on this agreement can never change as long as you hold the mortgage and regardless of changes in the financial market. You will always know exactly how much you will pay in principal and interest on your home each month. Please allow for increases in taxes or insurance during the course of the mortgage.

To discuss your mortgage options, please call (706) 739-1780 in Augusta, (912) 355-9902 in Savannah, or (706) 316-2400 in Athens.