Tennessee Conventional Loans
When buying a home, your choice of mortgage is very important; as important as the house you choose. Here’s why – if you select a mortgage that doesn’t suit your financial status, you are likely to find it hard to make monthly payments. That will expose you to the risk of foreclosure. On the other hand, if you take out a small mortgage you may not be able to get the home of your dreams because you will have to settle for a small amount.
Now, with a median home value of $142,900 and an average listing price of $262,433, Tennessee is by no means the cheapest place to settle. What does that mean to you as a buyer? Well, while you shouldn’t be afraid of taking out a mortgage loan, you should consider a flexible loan that you can pay up easily even when the amount is large (compared to the amount you might need in another state) – which is likely to be the case.
Of all the mortgages available, the one that fits the bill perfectly is a conventional loan. This type of mortgage is not guaranteed by the Federal government. Consequently, it is not as regulated as other loans, which gives lenders a lot of room to customize it as much as they want (or rather as much as borrowers want). Probably the best thing about Tennessee conventional loans is their affordability. They currently have very low-interest rates and if you have a fairly good credit score you won’t have to pay mortgage insurance. We have covered these and more benefits in details, be sure to read all about them.
You will also find handy information about Tennessee conventional loans, like their qualification requirements, loan limits, available types and so much more. If you feel like this type of loan suits you best, you can apply directly through our website and enjoy our streamlined process. Our HomeRate Mortgage staff will not only help you get approved faster but they will also help you through the whole process.
Tennessee City Mortgage Service Areas