Tennessee is home to some of the most American of attractions. Beautiful, lush landscapes, fantastic amusement attractions, and Graceland all make Tennessee a great destination to visit and to live. In addition, Memphis is home to one of the most sought-after music scenes in the world. It is no wonder that many that many people love to live in Tennessee. Tennessee’s residents, however, are bearing a major burden with their inflated mortgage payments each month. If you are one of these individuals that have been paying far too much for your home each month, then you may want to consider refinancing. Refinancing is the process by which individuals secure a new loan to pay off what they currently owe on their mortgage. The new loan is established, and homeowners are able to take advantage of updated interest rates and loan terms that may not have been around when they initially purchased their homes. As a result, homeowners get the opportunity to experience lower monthly payments, and they can gain access to some of the equity that they have built in their homes.
Quick Tennessee Housing Facts:
- Percent of homeowners in Tennessee: 69.9%
- Percent of renters in Tennessee: 30.1%
- Median annual income in Tennessee: $37,701
- Average credit score in Tennessee: 679
- Best Tennessee city to live in: Franklin, TN
- Median Tennessee home value: $93,000
When to Refinance in Tennessee
Tennessee residents must be very cautious prior to committing to a loan. They must begin the process by looking into the terms and conditions associated with their current mortgage. Look to see if there are any penalties associated with paying the loan early. Then try to price out your current mortgage throughout the life of your loan, and compare it to what you are going to pay over the long-term with the new loan. Obviously, you should end up paying less—not only in your monthly payments, but rather throughout the life of your loan. It is also important to make sure that you are aware of current interest rates. If current interest rates are below 1.5% less than what you are currently paying, then you should consider refinancing now. Also, be sure that you are careful of the agency with whom you commit to refinancing. Make sure that you choose to refinance with a reasonable and reputable company.
How much house can I afford in Tennessee
One of the biggest problems facing Tennessee’s homebuyers is figuring out how much house you can afford. When determining exactly how much you can afford it is a good idea to take your whole financial situation into account. Look not only at mortgage rates, but also at different loan programs, and what property taxes are in Tennessee.
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