It is also important to work with the right mortgage lender. The right mortgage professional can offer you great deals and help the process go by quicker. So, to help you get started, your local lender with Accurate Mortgage Group has listed some useful tips for choosing the right mortgage professional.

Tip #1: They Put You First

When you attend your first meeting with a mortgage lender, try to determine whether they have your best interest in mind. Are they willing to go above and beyond to ensure you get the right loan that is catered to your specific needs or are they just trying to make a sale? The right mortgage lender will put you first and do everything they can to get you the best deal out there.

Tip #2: Works Well With Others

Getting approved for a Smyrna home loan does not occur overnight. This means you will be in constant contact with your mortgage lender until your loan has been approved and signed for. Therefore, it is important that the lender you choose works well with others. If you do not get along with each other, that could make for a really long and uncomfortable application process.

Tip #3: Answers All Your Questions Honestly

There are some lenders out there who will be hesitant to tell you the truth. Do not work with those lenders. Instead, find someone who is upfront and honest about any additional fees they may require and be sure and choose someone who will answer any questions you may have.

Tip #4: Shop Around

You do not have to work with the first Smyrna mortgage lender that you speak to. Shop around and schedule multiple meetings with different lenders. Take the time and compare their different products and rate structures so you can confidently choose the best option for your goals as a homeowner.

Contact Us

If you would like to discuss these tips for choosing the right mortgage lender in more detail or if you are ready to begin your mortgage application, please contact Accurate Mortgage Group at 615-833-0456.

The post Tips for Choosing the Right Mortgage Lender appeared first on Accurate Mortgage Group.

Making the decision to become a homeowner is a major financial accomplishment. Being sure to have a good credit score and a stable income are just some of the things you should be mindful of when you begin your application for a Smyrna home loan. Knowing the right time to buy is another factor you should consider when beginning the home purchasing process. Knowing what the current residential market is doing is important so, to help you get started, your local Smyrna mortgage lenders with the Accurate Mortgage Group have listed the most recent market update for Smyrna and the surrounding areas.

Smyrna Market Update

Realtor.com is one of the top real estate websites. It shares the housing statistics for all property types during the past three years. In February 2016, the median listing price was $191,500 and one year later the price increased to $224,125. By February 2018, the median listing price jumped up to $269,999 but the current median listing price has since dropped to $249,000.

If you are looking for a home in Smyrna, Tennessee, and you need to apply for a home loan, now would be the best time to do so. Since rates are trending lower than they were about a year ago, you should take advantage of this opportunity and act now before they go back up.

Nashville Market Update

The residential market update for Nashville has followed similar trends to that of Smyrna. In February 2016, the median listing price was $309,000 and increased to $330,000 the following year. By February 2018, the median listing price rose to $350,000 and this price has slightly dropped to $349,000 at the beginning of 2019.

Murfreesboro Market Update

Murfreesboro has mirrored the same fluctuating trends as in Nashville and Smyrna. Three years ago, the median listing price was $214,900 and, by February 2017, the price increased to $239,999. One year later, the price had risen to $272,500 and the current median listing price for 2019 has slightly decreased to $264,900.

Contact Us

Wherever you are looking for your new home, our team at Accurate Mortgage Group can help. If you have any questions or are interested in beginning your application for a Smyrna home loan, please contact our team at (615) 833-0456.

The post Residential Market Update – Smyrna and Surrounding Areas appeared first on Accurate Mortgage Group.

Before you make the decision to become a homeowner and take on the responsibility of a mortgage, it is important to first understand if you can afford this major financial commitment. This starts with understanding what the current interest rates are and how they can affect your future.

So, to help you get started, your local mortgage loan originator in Smyrna with Accurate Mortgage Group can look up what current interest rates are (because they change often) and how they can affect your mortgage.

How Interest Rates Affect Your Mortgage

An interest rate is a set percentage that is charged by your mortgage lender on the total amount borrowed by the consumer. The amount of the rate charged is determined by how well the current market is doing, the borrower’s income and their credit score.

If you have a low credit score, then you will be viewed as a high-risk borrower with a stronger possibility of defaulting on your mortgage. Because of this, lenders will be more likely to charge a higher interest rate on your Smyrna home loan, which will increase your monthly payments.

Future Projections on Interest Rates

According to realtor.com, the median listing price on homes has continued to increase during the past three years. In November 2015, the median listing price was $190,750. It increased approximately 6% to $202,000 the following year. By November 2017, the median price had increased again to $236,950 and, by 2018, the price increased an additional 9.7% to $260,000.

An increase in home prices has an indirect effect on mortgage rates. As home prices rise, there is a strong possibility that interest rates will do the same. Therefore, if you are interested in applying for a Smyrna home loan, now would be an excellent time to do so before the rates continue to rise even higher.

Contact Us

For more information on interest rates and how they can affect your mortgage, please contact your local mortgage lender in Smyrna – Accurate Mortgage Group – at 615-833-0456.

The post Everything you Need to Know About Interest Rates appeared first on Accurate Mortgage Group.

So, to help prevent stretching your finances to the highest possible limit, your local mortgage lender in Smyrna, with Accurate Mortgage Group, has listed some useful tips on saving for a down payment.

Tip #1: Lower Your Expenses

If you pay less than 20% of your home’s purchase price, your lender will require you to pay for private mortgage insurance. This is an additional fee that will be charged either monthly or as an upfront cost, to protect your mortgage lender in Smyrna in case you were to default on your monthly payments. Therefore, you will want to be sure and have enough money saved to avoid paying for an additional fee.

To help prevent these fees, start lowering your expenses today. Consider cooking at home more and avoid going out to eat so often. Maybe even try being a little more frugal with your heater, AC, and water, so your utility bill is not so high.

Tip #2: Additional Source of Income

If money is really tight or you have your eye on a home that is outside your budget, you could look for an additional source of income. Pick up some extra shifts at work or host a garage sale to help clean out your storage and earn some extra cash.

Tip #3: Postpone Expensive Vacations

If you go on an extravagant vacation every year, you may want to hold off for one year and instead, set that money aside for your down payment. Try planning a less expensive trip. This way, you can still enjoy some time off without spending too much.

Tip #4: Set Up Direct Deposit

An easy, mindless way to save money is to set up direct deposit with your bank. With every paycheck, have a designated amount, such as 20%, to be taken out and automatically transferred into a savings account. Set up this savings account specifically for your down payment so you will be less tempted to make a withdrawal.

Contact Us

For more useful tips on how to save for a down payment or to get started on an application for a Smyrna home loan, please contact Accurate Mortgage Group at (615) 833-0456.

The post Tips on Savings for Your Mortgage Down Payment appeared first on Accurate Mortgage Group.