Guide to Refinance, Mortgage,
& Home Equity Loans in
Bristol, Tennessee (TN)

Bristol , Tennessee is located in Sullivan County, Tennessee, and is a twin city with Bristol , Virginia , which is just across the state line. Bristol , Tennessee has the motto of “ A Good Place to Live,” and the nickname of “The Birthplace of Country Music,” which was recognized by Congress in 1998. Bristol is also home to Bristol Motor Speedway, a NASCAR facility, which holds two events in the city each year. Once a year, “Dukesfest” is combined with one of the NASCAR races for a two-day festival highlighting the TV series, “The Dukes of Hazzard.”

What an exciting place to be! If you would like to come join the excitement by moving to Bristol , you will need to learn about your mortgage options. If you already live in Bristol and have a mortgage you are thinking about a refinance option for, you can learn about that here, as well. A home equity loan is another option you might want to consider.

The first thing you need to do is find a lender who can help you explore your options. You will need to gather pertinent paperwork that your lender will need to see to determine your candidacy for a mortgage loan, refinance, or home equity loan option. That paperwork will need to include:

W-2 tax forms for the past two years (1099 forms if you are self-employed)
Recent cancelled mortgage or rent checks
Recent pay stubs
Recent bank statements
Documentation to establish a proven work history

Your lender will also need to run a credit check on your financial background to determine how you’ve handled your finances in the past. This credit check will result in your credit score. Your credit score is a very important piece of information to you, as it will determine your eligibility for receiving a loan. Also, the higher your credit score, the better interest rate you are apt to receive.

After the pre-approval process has been completed, you will need to decide on a mortgage option that will fit your needs best. Two of the most popular types are: a fixed rate mortgage and an adjustable rate mortgage (ARM).

A fixed rate mortgage allows you to start with a low interest rate and keep that same interest rate for the duration of your loan. Your interest rate will never change and your monthly mortgage payment will never change. This is an ideal option if you want a predictable and reliable mortgage payment every month. The typical loan term for a fixed rate mortgage loan is either 15 or 30 years and your loan term will not change for the duration of your loan either. This is a fixed, consistent rate and monthly mortgage payment amount that you can easily work into your budget.

An adjustable rate mortgage lets you start with a lower interest rate than a fixed rate mortgage for the first few years. After the first few years, your interest rate has the option to fluctuate with economic and market conditions. This mortgage type can save you money in the initial years of your loan. After that time, the interest rate, as well as your monthly mortgage payments, will be able to adjust with the variability of the economy and market, either raising or lowering. You will need to be flexible with this loan type. Remember, you can always refinance to a fixed rate mortgage option if a really good interest rate comes your way.

A refinance option gives you access to most of the mortgage types available. With a refinance option, you can choose a new lower interest rate, a new loan term, and a new type of mortgage loan. Also with a refinance option, you can choose to take the equity from your home in a cash-out option at the time of refinance.

An alternative is a home equity loan. A home equity loan also allows you access to the equity built up in your home. Equity is the difference between the remainder of the loan you owe and your home’s current value. You can receive the equity (cash) from a home equity loan in a lump sum option. Interest will begin to accrue once you receive the money. A home equity loan is also called a second mortgage. The loan terms for a home equity loan are generally 10 or 15 years.

If you are interested in learning more about your refinancing, mortgage or home equity loan options in Bristol , Tennessee , please complete the form below.

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