Tennessee Mortgage Rates

Written by Kathleen Gagne
Bookmark and Share

The best Tennessee mortgage rates are available online. While mortgage rates vary from state to state, depending on the housing market and the lenders doing business there, you should know that some lenders' rates are lower than others even within a single state. You may find the best Tennessee mortgage rates at a local bank, for example, or you might do better working with an online mortgage company. One specific piece of information that you need to know about mortgages is that there is a difference between a mortgage company and a mortgage lender.

It's pretty simple. Mortgage lenders use their own money to pay for your home or to refinance your existing home on your behalf. A mortgage company or broker works by matching an applicant to the mortgage lender that offers the best deal. A mortgage company charges a fee for that service. In some cases, you can get a better rate by using a mortgage company, especially if there are any questions about your credit history. Online mortgage companies, for example, do a huge volume of business and may be able to get you a mortgage when your local banker can't.

How to Find the Lowest Tennessee Mortgage Rates

You might want to call or visit a local bank or mortgage broker to do some initial research about mortgage rates. You can also check those Tennessee mortgage rates by entering the keywords "mortgage rates" on your browser. Most of these websites offer rate ranges by state, and many of them are updated daily. This research should give you a good feel for the rates in Tennessee.

If you then apply for a mortgage through a lender or mortgage company, you will be able to compare the rates they offer to what you have already learned. Remember that the interest rates for which you qualify are based on the financial information you submit on your application. If you have "A" credit, you will almost always be offered the lowest possible rates up front. If, however, you have less-than-perfect or poor credit, you may be offered a much higher rate. Don't despair. Keep looking until you find a rate you can live with. Remember also that, in some cases, you may benefit by using a mortgage company.

Bookmark and Share