The Tennessee Housing Guide
Believe it or not there have been more and more people moving toward Tennessee than in the previous 20 years or more. The reason?
Many retirees do not want the high costs, insurances, and other risks associated with retiring in Florida or California. They wanted a place that was affordable, cultural, and would provide them with many activities. Tennessee was the answer for them and it could be for you too. The following information will talk about some reasons why living in Tennessee offers many options and activities for people of all ages.
Affordable Housing
Most of Tennessee offers housing at around 80 – 90 % of the national average. While some of the bigger cities will cost more, most of Tennessee is very affordable and often very cheap compared to many other areas of the country.
Taxes are also reasonable and many people are moving this way as the cost of living is lower than many of the other states in the region. The costs of goods and services is also lower than many other areas of the country. If you frequent the outer lying areas you will be amazed at the amount of family owned shops that offer very cheap services, but still provide quality as well.
Many people are moving to the suburbs of the bigger cities where there are newer quality homes being built. The state offers much culture and diversity and many times you can drive to either the Mississippi River or the mountains on the eastern side of the state. There is quite a bit of recreational activities from the huge canyon reservoirs that offer great fishing, boating, and hiking experiences.
Popular Cities
One great thing about Tennessee is there are many medium sized cities that have a combination of community living, but still have the amenities of a large city. And if city life is not for you there is quite a bit of farmland and out lying areas that are even cheaper than the rest of the state. Basically, this state has whatever you need in terms of housing. Below are 3 of the most influential cities in the state.
Nashville
Nashville is considered to be on the of the homes of country music, but it offers much more than just music. With both Vanderbilt other smaller schools located here, there is a great atmosphere in the air. Combined with the many jobs these schools provide, it is a great place for a family to live. There are also many state jobs that provide a stable income to the people that work there.
There are also numerous concerts and festivals through the year and the friendly residents always welcome in the guests that are traveling through. Many people come from all over the country to visit Nashville, but even with that the real estate is still very affordable compared with most other state capitals.
Memphis
From Graceland to Beale Street, Memphis has anything you need from music to food. A leading city in the state and a great college town, many of the Memphis suburbs are great places to live and are within a short drive to many jobs. Also, you are a short drive to the Mississippi River which can offer a great experience for boating or fishing. Memphis is just a few hours from many other states including Mississippi, Arkansas, Missouri, and Kentucky to name a few.
Knoxville
If you are a football fan, then you know that Knoxville is the home of the Tennessee Volunteers. A great university that also provides jobs to tens of thousands of people, the University of Tennessee is a well respected school with amazing academics to go along with their sports. As the 3rd most populated city in Tennessee, it provides the college atmosphere with an amazing culture year round. Jobs are rather plentiful and the housing remains affordable in the city and the surrounding areas.
Climate
Another reason many people flock here is the mild winters and warm summers. There is not the intense heat of the deep south, but the winters stay above freezing on most days. You can golf 10 months a year, at least, and enjoy walks on most days as well. While you do not get the beaches, you do not get the hurricanes either.
Tennessee does get their fair share of storms, but that is always good for the farmers as drought is rarely a problem. Overall the weather is balanced and while you get some storms and snow, the temperature is comfortable for most of the year.
Deed of Trust
The state of Tennessee uses what is called a Deed of Trust. The foreclosure process is therefore non-judicial and this can sometimes benefit the borrower. However, the bank can seek a deficiency judgment, which is a lawsuit filed for the amount you still owe. In practice, this is not a common thing, since it costs lenders quite a bit of money to pursue deficiency judgments and often times they will never see a dime anyway.
While foreclosures are never a good thing, they do happen. If you ever get behind on payments, contact your lender immediately and do not be afraid to tell them you are having trouble. There are some great loan modification programs out there that can help out borrowers in need.
Interest Rates
The rates in Tennessee are in line with many of the national rates and are not skewed by risky real estate bubbles like we saw in California and Florida. The mortgage rates do vary, but be sure to shop around to find the best rate and mortgage for your needs. Many lenders will vary on the rates they charge, for various reasons, and not all will have each borrower in the same risk profile. If you shop around for car insurance, you would be crazy not to shop around for the best mortgage rates.
There are many different programs available to borrowers. From FHA, VA, to conventional loans, there is a loan product for you. If you are a first time home buyer or are wanting to buy homes in certain areas, there may be grants or down payment assistance available to help you. Be sure to check with your lender, real estate agent, and friends to find out about the best deals out there.
Just a change of 0.25% can make a difference of thousands or tens of thousands of dollars over the life of a loan so be sure to get multiple quotes before signing anything. If you ever feel pressured go to another lender. You are the borrower and should be in control of the process. The banks should be catering to you and try to earn you business. Do not be strong armed into accepting a deal you are unsure of.
Hospitality
While a place can offer all the amenities and be affordable, it does not mean much if everyone around is mean and snotty. Tennessee offers southern hospitality and people almost always greet you with a friendly hello. You do not see that in cities like New York, Miami, or Los Angeles. If your car breaks down someone will stop, if you need a hand a neighbor will lend theirs, and you should always do the same for them.
Overall, Tennessee is a great place to live. With affordable housing, many mortgage options, low taxes, it is no wonder why more people are moving there. Combine all that with friendly people and cultural cities and you will never have a day without anything to do in Tennessee. There are many places to search for real estate online and apply for a mortgage as well. Get started today.