Franklin County, Tennessee
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1 Platform, 6 Refinance Alerts
01
Alert for Lower Rates
02
Alert for Cash Out
03
Alert for Shorter Term
04
Alert for Eliminating PMI
05
Alert for Product Changes
06
Alert for Changes in Home Value
Franklin Real Estate Market Update
The real estate market in Franklin County, Tennessee, has seen a moderate increase in home values, with the average home value reaching approximately $299,626, marking a 3.1% rise over the past year. Homes in the area typically go pending within about 27 days, indicating a relatively brisk market pace. The median sold price as of October 2024 was $309,575, reflecting a 5% increase from the previous year.
Franklin County includes several notable cities, with Winchester being the county seat and largest city, boasting a population of approximately 8,500 residents. Other significant cities include Decherd and Estill Springs, which contribute to the county's overall population of around 42,000 people. These cities offer a blend of small-town charm and access to local amenities, making them attractive places to live.
Living in Franklin County offers a mix of rural and suburban experiences, with a strong presence of agriculture and farming. The county's economy is supported by industries such as manufacturing, healthcare, and education. Many people are drawn to Franklin County for its affordable housing, scenic landscapes, and the appeal of a quieter lifestyle compared to urban centers. The area attracts both retirees and families looking for a balance of rural charm and suburban convenience.
2025 Mortgage Loan Limits:
Franklin County, Tennessee
1 Unit
$806,500
Conforming Loans
$524,225
FHA Loans
2 Unit
$1,032,650
Conforming Loans
$671,200
FHA Loans
3 Unit
$1,248,150
Conforming Loans
$811,275
FHA Loans
4 Unit
$1,551,250
Conforming Loans
$1,008,300
FHA Loans
Questions About Refinancing in
Franklin County
What is mortgage refinancing?
Refinancing is the process of replacing your current mortgage with a new one, often to secure a lower interest rate or change the loan terms.When should I consider refinancing?
Consider refinancing when interest rates drop, your credit score improves, or you want to switch from an adjustable-rate to a fixed-rate mortgage.How much does it cost to refinance?
Refinancing costs typically range from 2% to 5% of the loan amount, including closing fees, appraisal, and title fees.How long does the refinancing process take?
The refinancing process usually takes between 30 to 45 days, but this can vary based on lender efficiency and document preparation.What are the benefits of refinancing?
Refinancing can lower your monthly payments, reduce interest rates, shorten loan terms, or allow you to tap into home equity.What is cash-out refinancing?
Cash-out refinancing allows you to take out a new loan for more than your current mortgage balance and receive the difference in cash.Will refinancing hurt my credit?
Refinancing may cause a temporary dip in your credit score due to the hard inquiry, but the impact is usually minor and short-term.Can I refinance with bad credit?
It may be harder to qualify, but some lenders offer refinancing options for people with lower credit scores, though they often come with higher interest rates.How much equity do I need to refinance?
Most lenders require you to have at least 20% equity in your home to qualify for refinancing, though some programs may allow for lower equity percentages.Is it possible to refinance a rental property?
Yes, you can refinance an investment or rental property, though the terms and interest rates may be different compared to refinancing a primary residence.
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