Tennessee Mortgage Refinance
A 30 year fixed rate mortgage in Tennessee is 5.28% APR whereas a 15 year fixed rate mortgage is 4.43% APR to 4.79% APR. A 10/1 ARM refinance rate is 4.40% APR. The “Volunteer State” has plenty of mortgage refinance options and home owners are trying to discern between the myriad of competitive rates. One of the best ways to identify the best possible mortgage refinance situation is to compare similar products, amounts and terms from a variety of lenders. Borrowers should also know the difference between a fixed and adjustable rate mortgage (ARM) and the benefits of each product. Conservative borrowers in Tennessee may be more attracted to the fixed rate product because the rate never changes through the life of the loan. However, if the home owner plans to move from his Bethpage (37022) home to one in Cottontown (37048) in a few years, an ARM may be more attractive. ARMs have lower initial rates and then fluctuate after an initial period based on market changes. Having a grasp on Tennessee home values also helps the borrower navigate through the mortgage refinance process. For example, home values in Colonial Heights (37663) range from $154,469 to $181,333, whereas home values in Lenoir City (37771) from $228,981 to $268,804. The median home property price in Tennessee (population 6,038,803) is $183,406. Homes have sold in Nashville (37203) for $111,900 and $325,000. In Sparta (38583) homes have sold for $68,500 and $70,000.