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

Regardless of the type of mortgage, refinancing mortgage or home equity loan you are applying for, you must first think about what the lender will ask you when you apply. The lenders will all ask for the same basic information and will base their decision to grant you a mortgage, refinancing or home equity loan based on that information.

Lenders and What They Ask For

One of the primary things a lender will ask for is your income status. You will have to let the lender know you are qualified to pay for the loan by providing several pieces of information. Giving the lender your W-2 forms for the last two years will show the lender your employment stability. The last two years’ federal tax returns will confirm your yearly income with the lender. You will also have to prove that you are currently employed, so bring along the last two months pay stubs. If you are self employed, your 1099 forms will usually suffice. If you have other assets, you should bring statements for those as well.

You lender will also want to know that you have made your last few months’ mortgage or rent payments, so bring cancelled checks as proof of those payments.

When you apply for a mortgage, refinance or home equity loan in Clarksville, TN, the lender will run a credit check with the credit bureau. Different lenders and different loan products require different credit scores, so no matter what your credit score is, you should still apply.

Now you need to consider the type of loan that you are interested in. While there are different types of refinancing and mortgages available, many of the actual products are the same.

Fixed Rate Loans

Fixed rate loans are available for refinance products, home equity loans and mortgages. The interest rate for these products is determined at the onset of the loan or mortgage and stays the same throughout the term of the loan. The interest rate is usually a little higher than adjustable rate products but there will not be any future surprises if the interest rate increases later.

Adjustable Rate Loans

Adjustable rate loans and mortgages are also available. You will get an initial lower interest rate than with a fixed rate mortgage, however at your first adjustment period your loan payments could rise if the interest rate applied to your mortgage or loan is increased. The lender can adjust their APR interest rates according to the current market, their index and the payment caps on your loan or mortgage.

Cash- Out Loans and Home Equity Loans

If you are just looking for a refinancing loan, you could consider a cash-out loan or a home equity loan. A cash-out loan will replace your mortgage with a new one but will give you the equity you have built in cash and mortgage the original amount of your primary mortgage. A home equity loan is a second loan or second mortgage on the home you own, leaving your initial mortgage in place, but still giving you access to the equity you have built in cash. With a home equity loan you can choose from either a revolving line of credit or a lump sum payout. With the revolving line of credit home equity loan, you take the money as you need it and only need to pay back the interest each month. With a lump sum home equity loan, you will need to make principal and interest payments each month until you pay off the loan. Regardless, when you take out a home equity loan, you will have two payments on your house each month.

Choose a lender that you trust and that is forthright with you. Lenders should not withhold any information or product knowledge from you. If you are not sure of something, ask your lender to explain it to you in detail.

Take some time to fill out the form below and we can help you find the mortgage, refinancing or home equity loan that you need. One of our qualified lenders will contact you shortly after you have filled out the form.

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