Like many other states in the nation Tennessee is experiencing rising interest rates. Throughout the nation, interest rates have reached a plateau higher than previous years.
Quick Memphis Housing Facts
Percent of Homeowners in Memphis: 69.9%
Percent of Renters in Memphis: 30.1%
Median Memphis Household Income: $36,360
Average Memphis Credit Score: 678
Best Cities to Live in Tennessee: Franklin
Median Memphis Home Value: $93,000
How Much Real Estate Can I Afford In Memphis?
It is important to understand how your financial situation relates to the Memphis Homebuying Industry before your begin searching for your house. Luckily, we have lots of advice we can offer you. The first thing we recommend you do is think about the following topics:
- Decide how much you are willing to spend on your monthly mortgage payments. It is very important to be very realistic when answering this question. Consider not only your income and bills, but your lifestyle and spending habits. Being honest now can help save you from being in a sticky situation later on.
- Decide which payment plans sound like they will be right for you. Check out the ever popular Fixed Rate Mortgage and Adjustable Rate Mortgages, but be sure to check out other ones too. A more uncommon mortgage plan may turn out to be the best one for you.
- Find out what the property taxes and mortgage rates are in Memphis.
Once you’ve thought about those topics, check out our mortgage calculators. Once you’re done some number crunching, you should be able to decide what your next step will be. Do you want to search for a house? Make an offer on a house? Wait until your credit score improves? It’s all up to you.
Refinancing in Memphis
There are usually two reasons someone will refinance in Memphis.
- They can get a lower interest rate. Lower interest rates may become available to you if your credit score improves, or if the market changes.
- They want a different payment plan. You can usually switch from a Fixed Rate Mortgage to an Adjustable Rate Mortgage, or vice versa, fairly easily.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.