The Music City real estate market is booming. With just under 100 people moving to the area daily, houses are in high demand. To make one of these houses a home, you’ll need the assistance of a mortgage lender. ConsumerAffairs researched the top mortgage lenders in Nashville to help you make an informed home buying decision.
How to choose a neighborhood and mortgage loan in Nashville
From 2017 to 2018, home prices in Nashville grew by an average of $13,000, or four percent, according to Trulia. However, due to Nashville’s diverse neighborhoods, home price tags can vary. Average house prices for popular Nashville neighborhoods are below.
Average home price
Zermatt Ave / Old Hickory Blvd
Donelson / Merry Oaks
Shelby Ave / S 10th St
In addition to location, the value of Nashville homes is based on factors such as:
Year of construction
Interior amenities, such as appliances
The total cost of your chosen house will help determine which type of mortgage loan you’ll need. Common loan types in Nashville include FHA loans, RD loans, VA loans, conventional loans and more. Several of these loans can only be used in certain neighborhoods.
Here’s a look at some of the most desirable neighborhoods in Nashville:
As Nashville’s population rose to 667,560 in 2017, so did East Nashville’s housing costs. Prices here are now $340,000 to $400,000, rising 34 percent in just four years. East Nashville is home to a great arts and culinary scene along with several up-and-coming tech companies. The area is also in close proximity to downtown Nashville. Townhouses and condos here accommodate first-time homebuyers using FHA loans.
Woodmont Blvd/Lealand Lane
The Woodmont area has houses averaging around $531,000, making it one of Nashville’s more expensive neighborhoods. The close proximity to areas such as 12 South, Green Hills and Belmont University make this area attractive to homebuyers. However, first-time homebuyers should look elsewhere as properties here are quite expensive.
Those who prefer not to be too close to the city will find Cane Ridge appealing. Houses in this area are on the market for around $264,450, on average. The neighborhood has a diverse group of residents and housing options, making the variety attractive for homebuyers.
Once you find your ideal home, discuss options with a mortgage lender in Nashville to find the best rates.
According to an internal survey from 2016 to 2018, 94 percent of AmeriSave clients say they would recommend the company to friends and family. In addition, this mortgage company’s website states it has financed more than 228,763 homes across the country, including Nashville. Online reviews range from some clients citing poor company communication while others praise the excellent service.
Although not physically located in Nashville, residents are still able to receive home financing through HomeDirect. The company has several resources on their website including FAQ, videos and blogs. Client testimonials discuss quick service and exceptional attention to detail.