Mortgage Purchase in Tennessee
Every state in the US has its own unique rules and norms that govern the real estate industry. For example, in Georgia, a real estate attorney must be physically present when you are closing a home purchase. That is not the case in Tennessee, your agent alone can help you do the closing. So what else is there to know about a mortgage purchase in Tennessee? You can read all about that in detail in the latter sections, but here’s a simple summary for you.
You need to know how much house you can afford even before you start shopping for a mortgage or go house-hunting. Generally, Tennessee’s northwestern counties have lower average listing prices. That price gradually increases as you move eastwards. That will come in handy when you are choosing a neighborhood based on how much mortgage you can get.
Speaking of the amount of mortgage, there are different types of loans available in Tennessee, and each one of them has a maximum limit. For example, while conventional loans have a limit of $424,100 in most counties (for a single unit), the FHA limit is pegged at $275,665 for a majority of the counties. The same goes for VA, USDA and jumbo loans – each one has its own limit. Again, you need to know that as you plan your mortgage purchase in Tennessee.
Then there are things like getting pre-approved and analyzing your financial situation to determine whether you can actually afford the mortgage. Your agent and a mortgage calculator will come in handy when you get to those two steps, and you definitely need to know how each one of them works and what to expect from them. That is why we have discussed all that and so much more on our website to help you get started. Remember that this is just a summary, you may want to read more on our website to get specific and detailed information about the whole mortgage purchase process in Tennessee.
Our staff here at HomeRate Mortgage are kind enough to assist you with any mortgage questions or inquiries that you might have. Feel free to send them via email or to call our number, and we will attend to you ASAP.
Tennessee County Mortgage Service Areas