Are you thinking of a refinance of your Nashville, Tennessee Home?

June 25, 2009 · Print This Article

If you are looking for a Nashville refinance, there are some things that you may consider. Refinance rates in TN are up compared to only a couple of months ago. A TN home refinance may be in the back of your mind. You may have been waiting for rates to get lower. Hopefully you haven’t missed the boat. A Tennessee refinance may be a wise chose if you have an Adjustable Rate Mortgage. Also if you have a rate 1% point higher than the current rates. Lets take a closer look at to see how to refinance Nashville real estate.

How can a Nashville refinance benefit me?

A refinance may help lower your monthly mortgage payment. Especially if you got your mortgage during a period of higher interest rates. Just a couple of years ago a 6.5% rate was a decent interest rate. If you would have refinanced earlier in this year, you could have saved 2% points on that loan. Now refinance rates in TN are nowhere near those historic rates. However, if you have a lot of debt (i.e. Credit Cards, Student Loans, Car Loans, etc), you may consider a refinance to consolidate those debts. It could free up some money for you and relieve a little stress.

A refinance TN may also be helpful to capitalize on a shorter mortgage term. For example, lets say that you have a 30 Year Mortgage from a few years ago. Now your kids are all moved out (hopefully for some!) but you need to start planning for retirement. While increasing your contributions to your retirement accounts, you also decide to refinance your current mortgage to a 15 Year Fixed Loan. Because rates are lower for all mortgage types, you were able to convert to a 15 Year Fixed and the increase in payment only amounted to a cup of Starbucks coffee a day. Imagine what investing a few more dollars a day to your home mortgage could do for you. In this scenario, they are saving about 10 years of mortgage payments. How much are you paying now? Would that amount applied to a retirement account help you?

Going forward with a refinance.

I have given you a few reasons why a refinance may make sense. I know that everyone’s situation is different. Let me help you with yours. Tennessee mortgage refinance rates may be increasing soon.

Complete a mortgage application or if you prefer, call me at 615-942-2210.

Written by Terrence Askew