Knoxville Tennessee mortgages are easy to obtain for many reasons least of which is that the real estate market here in Knoxville has remained fairly stabile compared to many parts of the country.
While parts of the country saw double-digit home inflation through the years 2003-2006, Knoxville home values rose at a more modest pace of 5-6% per year. In keeping with Knoxville area wages and salaries this balance has made the area a good bet for people moving here from other parts of the country. It has allowed people seeking Knoxville, TN mortgages an easier time in finding good mortgage terms.
Yes, the housing market collapse and the mortgage industry implosion have had an affect on the market here; Knoxville still remains a destination for many people seeking a better quality of life including home availability and affordability.
Knoxville Mortgages are easier to obtain because employment opportunities still have an attractive component to them. The area boasts higher than statewide averages in salaries, making it easier to obtain and afford a long-term, fixed rate mortgage.
The short and simple of Knoxville, TN mortgaging is this, while lenders may be fewer, the ones that remain viable only need prospective borrowers to have maintained a 620 credit mid-score and have two years of documentable employment. Of course they cannot have derogatory marks on their credit reports such as late payments, or judgments. However, some older, derogatory, information or medical bill issues can be overcome.
Affordability is another attractive feature in obtaining a mortgage in the Knoxville Tennessee region. While most of the more densely populated areas are mostly urban/suburban, neighborhoods run from modest to extravagant. Many sport modest-sized homes in the 1200-1800 square foot range which are perfect for the average family obtaining a mortgage to afford. The median price range for 3 bedroom homes in the Knoxville area are approximately $122,000 putting affordability high on the list of attractive features beyond it's natural beauty and quality of life.