How to Refinance in Tennessee
- 1). Review mortgages rates in Tennessee by looking on sites such as Bankrate and Zillow (see Resources). The rates you see may not be the rate you end up qualifying for as those are only for the most qualified buyers. However, looking at the rates sets a guideline for you so that you know how low the current rates are in Tennessee.
- 2). Pull a copy of your credit report from each of the three credit bureaus to take a look at your credit profile. If you haven't already done so, you can use the Annual Credit Report site (see Resources) for your free yearly credit report. Look over each report for errors and dispute any that you find using the dispute process listed with the report. When you apply for refinancing, the lenders will look at your credit report to determine your credit worthiness, which is why you need to get any errors removed from the report.
- 3). Solicit quotes from lenders in your area of Tennessee, such as Citizens Bank in Cookeville and Keystone Mortgage Group in Knoxville. Lenders that have a presence throughout the state of Tennessee include First Tennessee, Bank of America, Regions and SunTrust. You can also get quotes from multiple lenders, both national and local, from the Lending Tree website (see Resources). Once you are done getting quotes, you can review them to pick the best lender for you.
- 4). Submit your refinancing application with your selected lender. Typically you need the payoff balance of your current mortgage, the estimated value of your Tennessee home, the current lender's address, the current mortgage account number and information on your employment. You only have to give an estimate of the value of the home because the lender will send out its own appraiser to get the actual value. Time from application until closing typically takes around two weeks as the lender must verify the information on your application. Closing costs and fees vary by lender.
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