Tennessee Mortgage Purchase
If you are looking to purchase a home in Tennessee, one of your points of interest will be the current Tennessee mortgage purchase rates, and rightfully so because interest rates influence the cost of a mortgage in a very big way. Of all the variables used to calculate your monthly charges (like insurance and tax), it is the interest rate that matters most. In fact, our experts here at HomeRate Mortgage have done the calculation several times and concluded that a 1% difference in interest rate can help you save hundreds of dollars each month. That justifies why the demand for homes increases when interest rates drop – lower rates translate to lower payments, which in turn helps homeowners save.
Now, the current Tennessee mortgage purchase rates are below 4% for all types of loans, the lowest they have been in many decades. Does that mean it is a good time to buy? Definitely! Low interest rates do make homeownership cheaper, so if you buy your home under the current rates you will not just enjoy lower monthly payments, you will also get a good deal on your initial house purchase.
Of course one of the things you will need to determine is the actual value of the home that you can afford. After that you can proceed to mortgage application with a clear value in mind. If you have a good Tennessee lender you will certainly get a good mortgage deal that comes with low interest and sufficient financing. Some lenders will do upwards of 90% financing, but that depends on the type of loan.
Want to learn more about the mortgage purchase process and interest rates? We have all the information on our website. You can also take advantage of our exclusive mortgage deals and enjoy up to 100% financing. Apply for a mortgage today through our website.
Tennessee City Mortgage Service Areas