Points You Should Consider with Good Mortgage Companies in Memphis, TN

"First-time house hunters will often have no recourse but to take out a 30-year mortgage, Hess claimed. Depending on the final price of the house, the modestly low payments spread out over the term may be attractive. However, an adjustable-rate mortgage may suit homeowners looking to resell the place before long. Applying for a mortgage will work to your benefit as long as you have all bases covered before you ever fill up the application. A trusted Memphis mortgage company like Churchill will have your best interests in mind."

http://memphis.churchillmortgage.com/blog/2013/12/09/points-you-should-consider-with-good-mortgage-companies-in-memphis-tn/

Mortgage Rates in Memphis Tell Whether or Not Buying Still Makes Sense

"This comes at a time when mortgage rates in Memphis and other metro areas are generally on the rise. The latest national average for 30-year FRM on the first week of November closed at 4.16 percent from 4.10 percent the previous week. Tennessee's average is well below the national at 4.12 percent as of this writing. To understand where Kolko is coming from, however, you need to look at a market's “tipping point.” This cap lets homebuyers know when taking out a mortgage makes less sense based on the local market's health. The tipping point for Memphis, Kolko says, is at 21 percent. This means renting will make more financial sense when rates in Memphis reach or breach that cap."

http://memphis.churchillmortgage.com/blog/2013/12/06/mortgage-rates-in-memphis-tell-whether-or-not-buying-still-makes-sense/

Economist: Why 30-Year FRM is Popular with Memphis Mortgage Lenders

"For example, if you decide to seize the moment when the 30-year FRM is at an all-time low, the rate will stay until the last cent has been paid off. If you decide to refinance, however, you may end up with an entirely new rate, higher or lower. This also benefits mortgage lenders since, as mentioned earlier, FRM plan holders are less likely to default. Prepayment While FRM usually has a high interest rate, this type of home loan in Memphis and other areas makes up for it in prepayment. You can pay a bit more per month if you want to, and by making a slightly larger payment every month, you get to finish paying the mortgage early. Some say you can even finish paying a 30-year FRM in as early as seven years."

http://memphis.churchillmortgage.com/blog/2013/12/05/economist-why-30-year-frm-is-popular-with-memphis-mortgage-lenders/