How the Partial Government Shutdown Affected Tennessee Mortgage Loans

In the wake of the U.S. Government shutdown, you may be wondering: How did it affect Tennessee home mortgage processes? There are two primary ways a borrower may have been inconvenienced from October 1 through 16: First, the United States Department of Agriculture (USDA) wasn't available, so that meant USDA loans weren't available until the USDA opened its doors again. Second, the Internal Revenue Service (IRS) weren't able to respond to people asking for 4506-T request forms. This particular form is a request for taxpayer transcripts, and many lenders require borrowers to provide this form prior to closing. Similarly, Social Security number verification also became a problem during this period. Fortunately, all that's over and done with now. USDA loans are again available (although reports state that they're backed up approximately 25 days), the IRS is issuing tax transcripts once again, and Social Security number can again be confirmed.

http://tennessee.churchillmortgage.com/industry-news/how-the-partial-government-shutdown-affected-tennessee-mortgage-loans/

Tennessee Mortgage Loans: Save Money By Paying Off Your Mortgage Early

A deeper look reveals mortgage-free ownership rates are higher in rural parts of Tennessee and lower in more-urban areas, especially Nashville – home of seven of the 10 counties with the lowest rates. Rutherford County was at the bottom, at 21 percent, followed by Montgomery (22 percent) and Williamson (23 percent). Davidson stood at 25 percent. At the other end, at least half of homeowners in 15 Tennessee counties – led by Perry County at 58 percent – owned their homes free and clear. For residents that are now mortgage-free, their incomes are now freed up, and their position allows them to focus solely on building up their savings. As these locals will attest, paying off Tennessee mortgage loans is a critical step toward financial independence, and consequently, a prosperous retirement. If this sounds compelling, then you'll definitely want to learn these tips on how to pay off your mortgage early.

http://tennessee.churchillmortgage.com/info-articles/tennessee-mortgage-loans-save-money-by-paying-off-your-mortgage-early/

A Few Things That Can Help You Understand Tennessee Mortgage Reports

Distressed sales remain persistently high, particularly short sales. Markets with the biggest increases in short sales tend to be those where either foreclosure starts or scheduled foreclosure auctions have rebounded in the last 18 months—translating into more motivated short sellers—or those with a still-high percentage of underwater homeowners with negative equity. However, not everyone can comprehend this information, let alone understand how it influences the real estate market. This is why companies like Churchill Mortgage, a Tennessee mortgage company, offer free reports to their clients to provide them important updates on the industry. The information in these reports is intended to help both existing and potential mortgage payers to make better decisions relating to mortgages, such as rate readjustments, scouting for reliable mortgage brokers, and the like.

http://tennessee.churchillmortgage.com/industry-news/a-few-things-to-help-you-understand-tennessee-mortgage-reports/

Shutdown’s Down: Its Effects on Buyers and Tennessee Mortgage Brokers

The statistics show that since government operations have resumed, federal agencies have given a much more positive outlook on the mortgage industry, driving potential homeowners to apply for mortgage through agencies such as Tennessee-based mortgage brokers. The reopening of federal services allowed the government to resume their functions. One of the agencies most heavily affected by the shutdown was the U.S. Department of Agriculture’s Rural Housing Service. The service shutdown, including the Federal Housing Authority (FHA), had negatively compromised many citizens, especially low- and middle-income buyers who had been unable to get good mortgage rates for houses in the rural areas of the United States. s in the operational status of the CNBC reported that purchase applications for government programs have dropped to its lowest since 2007, as the effect of the shutdown traumatized the buying impulse of potential homeowners.

http://tennessee.churchillmortgage.com/industry-news/shutdowns-down-its-effects-on-buyers-and-tennessee-mortgage-brokers/