Guide to Refinance, Mortgage,
& Home Equity Loans in
Bartlett, Tennessee (TN)
Bartlett, Tennessee was originally Union Depot, the last station on the stagecoach route between Nashville and the West. At that time, it was surrounded by farms and plantations. Bartlett remained a small town until after 1960, when it began to grow rapidly.
Today, Bartlett is a suburb of Memphis, a lovely family-oriented bedroom community. It has a population of just over 40,000 and nearly half of the homes have children under the age of 18 living in them. It’s a community that plans to be beautiful; buildings, developments and landscapes must be approved by the city and new developments are required to plant trees throughout and to line the streets with them. The city maintains a large system of parks and greenways that provide recreation and add to the beauty of the town.
Most people in Bartlett have above average incomes, and the poverty rate is quite low. Surprisingly, the cost of living is also low and housing is very affordable. Most people live in single-family homes in neighborhood settings. Shopping and services are locally available, and it’s an easy commute to Memphis. It’s an ideal, mid-American town.
Whether you’re already a Bartlett homeowner who is thinking of refinancing or getting a home equity loan or you are planning to buy a home there, you’ll want to know what to watch out for when you shop for a loan. Home loan interest rates are still very good and are more stable than they were a few years ago, a situation that favors fixed rate loans. There are still advantages to getting an adjustable rate mortgage, though. Whatever kind of loan you are looking for, there are a few things to watch for to make sure you get a great home loan:
- Make sure you get a Good Faith Estimate: Lenders are required by law to give you a Good Faith Estimate of all the costs related to your loan within three days of your application. Check it over and make sure you understand each item and hold onto it. Ask if the lender will guarantee it. They are not required by law to do so, but may if that’s what they have to do to get your business. In any case, compare the final papers to the GFE and make sure you understand and agree with any changes before you sign the loan.
- Ask the lender which type of loan is best for you and why: Also ask him or her to explain any terms you are unfamiliar with.
- If you are getting an adjustable rate mortgage, ask about caps: Try to negotiate an overall interest cap (the highest interest rate you will pay) and either a periodic interest cap (a cap on how much your interest rate can raise in a given period) or a payment cap (a limit on how high your house payment can go). Make sure the cap does not allow any carryovers of excess interest into the next adjustment period.
- Use caution about accepting a buydown: This is where the seller offers to pay to get you a better interest rate for the initial period of your loan. Buydowns can be a bad idea because 1) they expire and your interest rate increases at some point and 2) sellers frequently add the cost of the buydown to the price of the home, so you ultimately pay for it.
- Ask about prepayment penalties: Sometimes you will pay a hefty penalty for paying your loan off too soon. Prepayment penalties can prevent you from refinancing or paying your loan down.
- Find out exactly what your payments will be, when they will change and what is included: You may have an escrow account included in your payment that taxes and insurance are paid out of. Occasionally a borrower goes in to sign loan papers and discovers the house payments are higher than expected because of the escrow, and that can severely strain your budget. You also want to know when your payments will change so that you can plan for it well ahead of time.
Whether you are buying a home, refinancing or getting a home equity loan, we can help you find the best lender for your situation. Complete the form at the bottom of this page, and one of our agents will contact you to discuss your home loan needs.
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