Knox 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
Knox Real Estate Market Update
The real estate market in Knox County, Tennessee, is currently experiencing a seller's market, with home values on the rise. As of October 2024, the median home sold price in the county was approximately $379,739, marking a 6.8% increase from the previous year. Homes in the area typically sell for about $211 per square foot, and the average home value is around $356,882, reflecting a 4.7% increase over the past year.
Knox County is home to several prominent cities, including Knoxville, Farragut, and Powell. Knoxville, the largest city, has a population of approximately 192,000 residents and serves as the county seat. Farragut, known for its high median home prices, is a suburban community with a population of about 23,000. Powell, a smaller community, offers a more suburban feel with a population of around 14,000.
Living in Knox County offers a blend of suburban and rural experiences, with a strong emphasis on community and outdoor activities. The county's landscape includes both suburban neighborhoods and rural areas, supporting a variety of lifestyles from farming to suburban living. Key industries in the area include education, healthcare, and retail, which attract new residents seeking employment opportunities and a high quality of life. The county's appeal is further enhanced by its scenic beauty and proximity to the Great Smoky Mountains, making it a desirable location for those looking to relocate.
2025 Mortgage Loan Limits:
Knox 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
Knox 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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