Macon 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
Macon Real Estate Market Update
The real estate market in Macon County, Tennessee, is currently characterized as a buyer's market, with a median home price of $267,000 as of October 2024. This represents a 4.3% increase from the previous year. Homes in the area are selling at an average price of $165 per square foot, and the market has seen a notable increase in the number of homes for sale, with a 21.6% rise in inventory compared to the previous month.
Lafayette is the largest city in Macon County and serves as the county seat. It has a population of approximately 5,000 residents. Another notable community in the county is Red Boiling Springs, known for its historic mineral springs and small-town charm, with a population of around 1,100 people. These cities contribute to the county's rural character and offer a glimpse into the local lifestyle.
Macon County is predominantly rural, with a strong emphasis on agriculture and farming. The area is known for its scenic landscapes and agricultural activities, which play a significant role in the local economy. Many residents are drawn to the county for its peaceful rural lifestyle, affordable housing, and the opportunity to engage in farming or enjoy the natural surroundings. The county's proximity to larger cities like Nashville also makes it an attractive option for those seeking a quieter suburban life while still having access to urban amenities.
2025 Mortgage Loan Limits:
Macon County, Tennessee
1 Unit
$989,000
Conforming Loans
$989,000
FHA Loans
2 Unit
$1,266,100
Conforming Loans
$1,266,100
FHA Loans
3 Unit
$1,530,450
Conforming Loans
$1,530,450
FHA Loans
4 Unit
$1,901,950
Conforming Loans
$1,901,950
FHA Loans
Questions About Refinancing in
Macon 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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