Closing costs can be a bit confusing for pretty much anybody, whether you are a new homebuyer, an experienced one or a refinancing homeowner. They are basically expenses that come with the mortgage loan processing process. Since mortgage loans are offered by lenders, closing costs are also charged by and paid to lenders. But there are third party fees involved. Lender’s costs include loan origination fees while third party costs are things like appraisal fees, survey fees, title insurance and taxes among others.
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Average closing costs range from 1.5% to 2.5% of the total loan amount. In Tennessee, the average amount is about $3,120 for a $200,000 mortgage. That is just less than 2% of the loan amount and slightly more than the national average of $3,160. Note that not all lenders have the same items on their closing costs so you should expect that value to vary wildly from one lender to another.
Today's Tennessee Mortgage Rates
30 Yr. Fixed7.250%APR 7.780%
15 Yr. Fixed6.750%APR 7.282%
30 Yr. Fixed FHA6.500%APR 7.505%
30 Yr. Fixed VA6.500%APR 6.970%
Mortgage Rates as of April, 26 2024 See All Rates | See Rate Assumptions
Conventional Rates shown assume a purchase transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than or equal to 95%; a minimum FICO score of 760, lock days at 30.
Term
Loan Amount
LTV
Points
30yr Fixed
$351,000
95.0%
1
15yr Fixed
$351,000
95.0%
1
30yr Jumbo
$750,000
75.0%
1
30yr FHA
$275,000
96.5%
1
30yr VA
$300,000
100.0%
1
Rates may be higher for loan amounts under $351,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply. Ask for details.
Moreira Team | MortgageRight is an Equal Opportunity Lender
“Rate Over X%” Assumptions
Rates shown assume a refinance transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value of 75%; a minimum FICO score of 740; a Loan Term of 360 months; and a loan amount of $300,000 for conforming loans.
Rates may be higher for loan amounts under $275,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply.
Moreira Team | MortgageRight is an Equal Opportunity Lender
Also, the location of your house will play a role in determining how much you will pay. Of course appraisers, surveyors and other third parties charge differently for different areas. If you want a more accurate Tennessee closing costs estimate, contact Moreira Team and we will give you a breakdown of each item based on your type of loan, property, and location.
It is worth mentioning that in Tennessee you don’t necessarily have to pay the closing costs upfront. In certain scenarios, the lender can roll them into your mortgage loan and offer you a “no-cost” loan. But you still have the option to pay all or part of the costs when making your down payment. Moreira Team can help you get a loan that matches your current financial health. Give us a call or take less than 30 seconds and get your FREE closing cost and rate options!
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