Hendersonville, Tennessee has a reputation for being one of the finest places in the state to live. It’s a beautiful, quiet town on the fringes of Nashville and on the shore of Old Hickory Lake. You really can have the best of almost everything in Hendersonville.
Hendersonville has low unemployment rates, low taxes, affordable housing and a low cost of living. The highway system has recently been improved, making the commute to Nashville easy. Homes are very affordable and crime is virtually non-existent.
Hendersonville is an attractive community for families. It’s got great schools and sporting programs, plenty of outdoor activities and beautiful neighborhoods. Nearly 2/3 of Henderson’s families are married couples, most of whom have children at home.
The only real downside to living in Hendersonville is Wolf Creek Dam. Hendersonville is one of the communities that the Army Corps of Engineers says will experience flooding when the Dam fails. Only the low-lying parts of the city will be affected, however. If you’re moving to Hendersonville, you can go to the library and check the flood maps before you decide where to buy your home.
Homes in Hendersonville are a good value. They are affordable, but at the same time are increasing in value. That means that first time homeowners can afford to buy and current homeowners still enjoy a steady increase in equity. Mortgage rates are still very good for most Hendersonville borrowers.
Most home loans these days, whether it’s an initial mortgage or a refinance, are adjustable rate mortgages (ARM). Even some home equity loans have adjustable rates. An ARM starts out with a fixed rate for an initial period of time and that rate is usually a little lower than traditional fixed rate loans. After the initial period, the interest rate adjusts periodically to match changes in an index. At this point, the interest rate may be slightly higher than that of a fixed rate loan.
There are several things you can do to make sure you get the best loan in Hendersonville, Tennessee:
Your interest rate—and your house payments—will take a jump after the initial adjustment period. If your income will rise during that time, an ARM is a great way to get into the home you want now, before your income rises. If you plan to sell the home before your mortgage converts, an ARM is an awesome way to save quite a bit of money in the meantime.
You can also refinance before the loan converts and try to get a lower interest rate, or perhaps a fixed rate loan. The cost of refinancing may be substantial.
Unless you have a significant prepayment penalty, you can also use this initial period to pay your mortgage down. Simply make the higher payments from the beginning, and you can cut years off of the length of your mortgage.
Of course, when you are looking for a home mortgage, refinance loan or home equity loan, you want to find a borrower who knows the ins and outs of home finance in central Tennessee. We can help you with that. Fill out the form at the bottom of this page, and one of our agents will contact you to discuss your home mortgage needs.
