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Tennessee Mortgage

Don't let your past credit problems hinder your home finance options.

Refinancing or adding a second mortgage can help your credit rebound, and will often increase your credit scores with timely payments.

  • Combine your 1st & 2nd mortgages into 1 mortgage
  • Wipe out compounding credit card interest
  • Consolidate all your bills into one lower mortgage payment
  • Refinance your existing 2nd mortgage
  • Save up to 75% with Bill Consolidation
  • Interest Only Mortgage Options
  • Convert your adjustable rates to a Fixed Rate Loan
  • Rebuild your credit & Raise your Scores
  • Get Cash Out
  • Finance Home Improvements
  • Refinance your home equity line of credit

Mortgage Rates for Tennessee

Chattanooga

Knoxville

Memphis

Nashville

   

 


Don't let your past credit problems hinder your home finance options.

Refinancing or adding a second mortgage can help your credit rebound, and will often increase your credit scores with timely payments.


 

 
Mortgage Terms to Know for the Loan Process

Conventional Loan

Second Mortgage

Escrow

A mortgage loan not insured by FHA or guaranteed by the VA. Fannie Mae sets the conforming loan amounts and for 48 states any loan amount under $417,000 for 1-4 unit properties. For more information and guidelines by state, please visit www.fanniemae.com

A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans.

An account held by the mortgage lender into which the homebuyer pays money for tax or insurance payments. Also earnest deposits held pending loan closing by a 3rd party.

HUD I Settlement Statement Closing Costs Refinance

A form utilized at loan closing to itemize the costs associated with purchasing the home. Used universally by mandate of HUD, the Department of Housing and Urban Development.

Any fees paid by the borrowers or sellers during the closing of the mortgage loan. This normally includes an origination fee, discount points, attorney's fees, title insurance, survey, and any items which must be prepaid, such as taxes and insurance escrow payments.

Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.

Deferred Interest

Equity in Home

Negative Amortization

When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance. This is common with negative amortization loans.

The difference between the fair market value (appraised value) of your home and your outstanding mortgage balance.

Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan.

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