Best Mortgage Refinance Companies in Murfreesboro

Frequently Asked Questions

• Introduction

  Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.
  

  
  

  Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.
  

  
  

  Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
  

• Should you seek funding assistance from the City of Murfreesboro when you are planning to rehabilitate your home?

  Before you consider refinancing to fund your home improvement projects, look into Murfreesboro's Housing Rehabilitation Program. The city offers a variety of funding assistance, including emergency repairs, housing rehabilitation, sewer tap assistance, and tree removal. Home repairs may be financed over a five-year period, whereas home reconstruction may be financed over a 15-year period. Call the Community Development Department at 615-890-4660 or stop by the McFadden Community Center at 211 Bridge Avenue in Murfreesboro.

• Can you skip the appraisal process when refinancing your home in Murfreesboro?

  There are some Murfreesboro refinancing programs that do not require appraisals. There are three of them: VA IRRRL, FHA Streamline, and USDA Streamline. Before you can apply for any of these programs, you must first meet the eligibility requirements for that program. Home appraisals are usually required when doing a cash-out refinance or switching to a different loan type. An appraisal is not always required when refinancing the loan's payment structure, interest rate, or loan term.

• How much amount can you obtain if you choose cash-out refinance in Murfreesboro?

  It is determined by the equity in your home and your financial situation. In Murfreesboro, you can usually get 80% of the value of your home equity. However, you can get 100% of your equity back with a VA cash-out refinance. Also, if you have a balance on your original mortgage, it will be deducted from your cash payout.

• Is still there an adverse market refinance fee for conventional loans in Murfreesboro?

  The adverse market refinance fee was eliminated on August 1, 2021, which can result in savings for Murfreesboro borrowers with larger loan amounts. A quick mental calculation reveals that for every $100,000 loan amount, a $500 savings will be generated. The 0.5% fee was previously required when refinancing conventional Freddie Mac or Fannie Mae loans worth more than $125,000.

• If you refinance a Great Choice Loan Program in Murfreesboro, do you need to pay back the down payment funding?

  Yes, you must repay the down payment assistance when you sell your Murfreesboro home or refinance the loan obtained through the Great Choice Loan Program. The down payment funding is available as a deferred option of $6,000 or 6% off the sale price to be paid in 15-year installments. The Tennessee Housing Development Agency is in charge of the program.

• How do you refinance a mortgage?

  Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.