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Today's Mortgage Rates in Tennessee

Today’s mortgage and refinance rates plus current home buying and refinance advice for Tennessee residents

Buying a home in Tennessee

In Tennessee, there are certain "Disclosure and Disclaimer Laws" a property seller must abide by. The disclosure requirements are widely covered in Tenn. Code Ann. § 66-5-201 et seq. The buyer must be furnished with a disclosure statement in advance of any purchase contract being signed. The disclosure statement must be signed by the seller, and list "any material defects known to the owner" regarding the home. A buyer, however, can waive their right to a full disclosure statement if they intend on demolishing the home to build a new one in its place. In this case, the seller will give the buyer a disclaimer, stating that the property is being sold "as-is" with all the faults it entails. This must also be given to the buyer before the signing of a purchase contract. In Tennessee, there are strict penalties for sellers in cases where a buyer discovers a material defect after the closing — if the defect is one of which the seller should have been aware. Tenn. Code Ann. § 66-5-208 states a buyer can claim for damages suffered as a result of such defects. In other words, a buyer can recoup the costs of repairs or replacement costs.

Refinancing a home in Tennessee

When it comes to Tennessee state law, much that’s relevant to a mortgage refinance concerns the licensing and regulation of brokers and lenders. Besides that, there’s little in the way of laws to actively protect borrowers. So you should probably be on your guard. And you may want to get an attorney to represent you through the process. Of course, those looking to refinance their Tennessee Mountain Homes have few problems and generally get the benefits they want. Those may include a lower mortgage rate and monthly payment or a cash-out check. If you’re lucky, you might get all three. Of course, most refinances come with administrative headaches. Lenders will want to run exhaustive checks on your income, existing debts and credit report. And you’ll likely need a new appraisal on your home. But some may be able to escape most of that scrutiny. If you’re refinancing an FHA, VA or USDA loan (one backed by the Federal Housing Administration, the US Department of Veterans Affairs or the US Department of Agriculture) and wish to remain in your existing program, you may be able to opt for a streamline refinance. And one of those can typically be nodded through with little paperwork, no new appraisal and no credit checks. So you may be able to refinance, even if your mortgage is underwater (your home’s market value is lower than your mortgage balance) or if you’ve had some issues with your credit score. Too good to be true? Well, it may be. But only if you want a cash-out refinance. If you need to walk away with a check on closing, you won’t get a streamline refinance. Instead, you’ll have to go through the same process as everyone else who isn’t eligible for a streamline one.

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