How to find the best home mortgage rates in Brentwood and Middle Tennessee

If you live in Brentwood, Nashville, or Franklin,TN or any of the surrounding areas and are thinking of applying for a home mortgage loan then getting the best rate may be at the top of your to-do list. But how can you determine what the best rate is for your needs? First you need to know two things—rate and pricing. Rate is the interest rate you will pay on the amount you are borrowing. Pricing is what that rate is going to “cost” you. For example, if the price goes down the borrower is going to pay discount points on the rate. However, if the price goes up then the borrower can get premium pricing and use that money to pay costs associated with the home mortgage.

If you could stand all of the lenders side by side, there would be little noticeable difference in rate, maybe .125% to .25% at any given time. The reason for that is simple: Lenders tend to follow the rate trends together. The major difference between different mortgages is in the discount points and origination fees. These discounts or fees determine what that rate is costing you—the borrower.

To make sure that you are getting the best home mortgage rate in Middle Tennessee: Ask your loan officer if there are any discount points or origination fees associated with your rate. If you are working with a mortgage broker, ask them about their broker fee (these act like discount points). Make sure you have all of the fees and charges associated with your loan proposal disclosed to on a Good Faith Estimate or a Summary of Transaction Costs.

Call Lee Barroll at his Brentwood office: 615-243-1301 or email lee.barroll@fcmhomeloans.com for more information. Lee is based in Brentwood, TN but can serve then entire state of Tennessee.