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Lower Your Interest Rate

If eligible, you can lower your interest rate. This could lead to lower payments and less money paid towards interest.

Why should I lower my rate?
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Lower cost Lower Payments

Shorten Your Loan Term

Shorten your loan term when refinancing from a 30-year term to a 15-year term. You may also lower your rate.

Why should I shorten my term?
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Lower interest Pay less interest

Leverage Your Home's Equity

Take cash out of your home to apply to improvements, renovations, or other necessary expenses.

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Tennessee Mortgage Rates

Known for its world-class music scene, high-quality whiskey, and enchanting great smoky mountains, Tennessee is a popular destination for homebuyers. Demand for homes in Tennessee is growing, and this southern state's charm has something for everyone.

Common Tennessee Loan Types:

  • Tennessee conventional mortgages: Tennessee mortgage requirements and rates vary across the state. They can differ based on the area you live in, or want to live in, and your current financial situation. Compare mortgage rates on FreeRateUpdate.com to discover the rate that's right for you.
  • Tennessee FHA loans: Home loans backed by the FHA are offered throughout Tennessee. The FHA doesn't offer loans directly, but you can access one through an FHA-approved lender in Tennessee on FreeRateUpdate.com today. FHA loans are typically available to first-time homebuyers only. These loans are designed for those in low to mid-rage earning brackets with lower credit scores.
  • Tennessee VA loans: VA loans in Tennessee are backed by the Department of Veterans Affairs. VA loans are only offered to eligible active-duty service members and veterans. This loan is offered by VA-approved lenders in Tennessee and offers the benefits of no down payment with lower interest rates than conventional mortgages. Find one through a VA-approved lender at FreeRateUpdate.com.

Tennessee Mortgage Rates Compared to National Averages

Mortgage interest rates in Tennessee typically sit slightly below the national average, which can mean savings for homebuyers in the state. With a growing population, prices are likely to climb higher, and your home's value may increase over time.