Tennessee at a Glance
Population
6,910,840
6,910,840
Average Household Income
$82,012
$82,012
Low cost of living &
No income tax
No income tax
Top 3 Industries: Education,
Entertainment, Automotive
Entertainment, Automotive
The first step in having a successful home loan experience is finding the right mortgage lender.
NewFed Mortgage Corp. is a great option for individuals and families looking to secure a mortgage in Tennessee. With a team of experienced professionals, NewFed Mortgage Corp. is dedicated to helping their clients find the right mortgage product for their unique financial situation. Whether you are a first-time homebuyer or looking to refinance your existing mortgage, NewFed Mortgage Corp. offers a wide range of mortgage products and competitive rates. With a commitment to providing exceptional customer service, NewFed Mortgage Corp. strives to make the mortgage process as seamless and stress-free as possible.
Tennessee offers a diverse range of great places to live, each with its own unique charm and appeal. Nashville, the state capital, is a vibrant city known for its music scene, delicious cuisine, and bustling nightlife. Memphis, located on the Mississippi River, is a cultural hub with a rich history and renowned barbecue. For those who prefer a smaller town feel, Franklin, located just outside of Nashville, offers a quaint and charming downtown area with plenty of shops, restaurants, and local events. Chattanooga, situated in the southeastern part of the state, offers stunning natural beauty with its mountains, rivers, and outdoor recreational activities. Finally, for those seeking a quieter lifestyle, the town of Jonesborough, located in the northeastern part of the state, offers a peaceful and idyllic setting with a strong sense of community.
Mortgage Property Types
The most common property types available in Tennessee are townhouses, single-family residences, and condominiums, but you’ll also find some manufactured homes, multi-unit properties, and cooperatives (co-ops). Let’s run through the definition of each.
Townhouses
single-family, multi-floor homes that are attached to one another. They are typically uniform in design and are part of a homeowner’s association.
Single-family residences
freestanding homes on a piece of property, or independent residential structures that act as dwellings.
Condominiums
properties that are split into distinct units in one or more buildings. These are individually owned and can either be attached or detached (condex is an alternate term for a detached condo).
Manufactured homes
homes that are built piece-by-piece off-site in factories and then transported to a lot for final assembly.
Multi-unit properties
houses that can shelter more than one family living separately. They consist of duplexes (multi-unit homes with two attached units) or apartment buildings with a maximum of four units.
Cooperatives (co-ops)
multi-family properties where a legal entity owns the title. Residents accrue equity in the building by purchasing shares, allowing them to own a portion of the property (although their names will not be on the deed).
Refinancing
If you’re interested in revising or replacing the terms of an existing loan agreement, then you might want to consider refinancing. Usually, the decision to refinance is as simple as wanting to secure a lower interest rate, while another common motivation is to take advantage of the equity one has built in their property and convert some of it to cash. Some borrowers may even want to change the terms of their loan (for example, from a variable interest rate to a fixed), or to change the length of their loan agreement. Since loans with shorter terms usually have lower interest rates, the borrower can save a lot of cash by paying it off earlier and by paying less interest. Not only that, but refinancing is also a good way to bundle any outstanding debts into a single loan at a lower rate. For a more comprehensive overview of refinancing and what it entails, feel free to get in touch with one of our loan officers today.
Reverse Mortgages
Reverse mortgages are becoming increasingly popular among eligible people who are 55 or older. Essentially, a reverse mortgage is a special type of home equity loan that is available to homeowners 55 and up who have built up considerable equity in their primary property and want to draw it out as cash either monthly, as a lump sum, or as a line of credit. It’s a form of loan, and the money received is non-taxable and will be paid back when the mortgagee dies or sells the home. To find out more about reverse mortgages, check out our online overview.
