Tennessee Mortgage Rates

June 28, 2017 01:36 PM Eastern

Refinance rates now in Memphis, TN [Change this]

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    Home Price (Purchase)
    When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
    Home Value (Refinance)
    This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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    Down Payment
    The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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    Credit Score
    Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.
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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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TN Mortgage Rates to Fund Loans for Low-Income Families
Tennessee is a state rich in culture and music, and famous for its hospitality. It is home to landmarks such as Nashville (America's official "Music City"), many beautiful historical plantations, and country music's homestead, the Grand Ole Opry. Several programs available in Tennessee aim to help people from all walks of life own a home for the first time in this beautiful state.

The Tennessee Housing Development Agency (THDA) offers programs that help first-time and low-income homebuyers obtain the resources they need to buy a home. The THDA also has resources for existing homeowners who want to renovate or who are worried about losing their home.

In order to qualify for any of these programs and take advantage of low current TN mortgage rates, the applicant(s) must meet certain income and credit requirements, and the home must meet certain standards.

Programs for First-Time Homebuyers using Tennessee Mortgage Rates
Three types of first-time homebuyer programs are available through the Tennessee Housing Development Agency:

• Great Rate
• Great Advantage
• Great Start

The Great Rate program offers lower rates than current TN mortgage rates, and represents the lowest rate possible among the three available programs, for those who qualify. Income limits are determined by family size and the county where the property will be purchased.

The Great Advantage and Great Start programs are offered at interest rates slightly higher than the Great Rate program. These programs are distinctive because they provide a relatively low down payment requirement and feature closing cost assistance.

Great Save Loan Program with TN Mortgage Interest Rates
The Great Save loan program from THDA is ideal for those who might fall behind in mortgage payments or those who are in danger of losing their homes. This program is designed for low- and moderate-income borrowers who currently have an adjustable rate mortgage loan on their principal residence that was made after December 31, 2001, and before January 1, 2008, that would likely to cause a financial hardship to the borrower if not refinanced.

Homeowner Education in Tennessee Mortgage Rates
In addition to finding low interest mortgage programs and assistance for existing homeowners, the THDA has a homeowner education program. This innovative program helps potential homeowners, new homeowners and existing homeowners understand the important financial obligations that come with owning a house.

To qualify for any of the THDA programs, borrowers are required to attend an education program led by a certified trainer. The topics covered in this homeowner education program include:

• budgeting
• credit
• finance maintenance
• home maintenance