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  • Should You Refinance? A Tennessee Homeowner’s Guide to the Numbers

    Should You Refinance? A Tennessee Homeowner’s Guide to the Numbers

    When rates move, many Tennessee homeowners ask the same question: is it worth refinancing? The answer comes down to math and your plans for the home.

    Calculate your break-even point

    Divide your total refinance closing costs by your monthly savings. If a refinance costs $5,000 and saves $250 per month, you break even in 20 months. If you plan to stay longer than that, the refinance may make sense. Try our refinance break-even calculator.

    Common reasons to refinance

    • Lower your interest rate and monthly payment
    • Shorten your term (for example, 30 years to 15)
    • Remove FHA mortgage insurance by moving to a conventional loan
    • Take cash out for renovations or debt consolidation
    • Switch from an adjustable rate to a fixed rate

    What refinance closing costs include

    Expect lender fees, appraisal, a lender’s title insurance policy, settlement fees, recording fees, and Tennessee mortgage tax on new money borrowed. Lenders may offer reissue or refinance rates on title insurance in some cases — ask.

    How a refinance closing works

    The title company searches title, orders your current loan payoff, prepares documents with your lender, and schedules signing — at our office or a mobile signing. For most primary-residence refinances, federal law provides a three-business-day right of rescission before funds disburse.

    Watch out for

    • Resetting a nearly paid-off loan to 30 years
    • Rolling high costs into the loan without noticing
    • Cash-out refinances that turn short-term debt into long-term debt

    Need help with a Memphis or North Mississippi closing? Email orders@suretitleco.com or call (901) 881-0606. Sure Title Company handles title insurance, escrow, and closings for buyers, sellers, Realtors®, and lenders.

    Related: Mortgage Calculators · Closing Services · Title Insurance

    This article is general information, not legal, tax, or financial advice. Every transaction is different — consult your attorney, lender, or tax professional about your situation.

  • First-Time Homebuyer Tips for Memphis and Shelby County

    First-Time Homebuyer Tips for Memphis and Shelby County

    Buying your first home is exciting — and full of new terms. These tips will help Memphis-area first-time buyers move from browsing to closing with confidence.

    1. Know your real budget

    Your monthly payment includes principal, interest, property taxes, homeowners insurance, possibly mortgage insurance, and any HOA dues. Use our affordability and payment calculators to find a comfortable range — not just the maximum a lender approves.

    2. Get pre-approved early

    A pre-approval from a local lender shows sellers you’re serious and helps you understand loan options such as conventional, FHA, VA, and USDA.

    3. Explore down payment assistance

    Tennessee and some local governments offer programs for eligible buyers. The Tennessee Housing Development Agency (THDA), for example, offers first-time buyer loan programs with down payment assistance for qualifying buyers. Ask your lender which programs fit your situation.

    4. Budget for closing costs

    Plan for title insurance, lender fees, Tennessee recording taxes, prepaid insurance, and escrow deposits. Sellers sometimes contribute toward buyer costs through negotiated concessions.

    5. Don’t skip the inspection

    A professional inspection can uncover roof, HVAC, foundation, or plumbing issues before you’re committed.

    6. Choose an owner’s title policy

    It’s a one-time cost that protects your ownership from covered title defects for as long as you own the home.

    7. Protect your down payment

    Wire fraud targets first-time buyers. Always call your title company at a verified number before sending funds.

    8. Keep your credit steady

    Avoid new credit cards, car loans, or big purchases until after closing — lenders often re-check credit right before funding.

    Need help with a Memphis or North Mississippi closing? Email orders@suretitleco.com or call (901) 881-0606. Sure Title Company handles title insurance, escrow, and closings for buyers, sellers, Realtors®, and lenders.

    Related: Mortgage Calculators · Owner’s vs Lender’s Title Insurance · Wire Fraud Prevention

    This article is general information, not legal, tax, or financial advice. Every transaction is different — consult your attorney, lender, or tax professional about your situation.

  • Tennessee Closing Costs Explained: Transfer Tax, Mortgage Tax, and Title Fees

    Tennessee Closing Costs Explained: Transfer Tax, Mortgage Tax, and Title Fees

    Closing costs in Tennessee generally fall into a few buckets: government taxes and recording fees, title and settlement charges, lender fees, and prepaid items. Here’s how they work for a typical Memphis-area purchase.

    Tennessee recordation taxes

    Tennessee charges two recording-related taxes, collected when documents are recorded at the county Register of Deeds:

    • Realty transfer tax: $0.37 per $100 of the sale price or the property’s value, whichever is greater. On a $300,000 home, that’s $1,110.
    • Mortgage (indebtedness) tax: $0.115 per $100 of the loan amount, with the first $2,000 exempt. On a $240,000 loan, that’s about $273.70.

    Who pays each tax is set by your contract. You can estimate both with our free Tennessee transfer and mortgage tax calculator.

    Title and settlement charges

    • Owner’s and lender’s title insurance premiums
    • Title search and examination
    • Settlement or closing fee
    • Endorsements required by the lender
    • Recording fees for the deed and deed of trust

    Lender charges

    These vary by loan type and lender and may include origination fees, discount points, appraisal, credit report, and flood certification. Your Loan Estimate lists them.

    Prepaids and escrows

    Buyers often prepay homeowners insurance for the first year, interim interest from closing to the end of the month, and deposits into an escrow account for future taxes and insurance. Property taxes are typically prorated between buyer and seller based on the closing date.

    Typical seller costs

    Sellers commonly pay their mortgage payoff, real estate commissions as agreed, any agreed seller concessions, their share of prorated taxes, and items assigned to them in the contract.

    Get a real estimate

    Online averages are a starting point, but every transaction is different. Sure Title can prepare a free buyer estimate or seller net sheet for your specific property and contract terms.

    Need help with a Memphis or North Mississippi closing? Email orders@suretitleco.com or call (901) 881-0606. Sure Title Company handles title insurance, escrow, and closings for buyers, sellers, Realtors®, and lenders.

    Related: Mortgage Calculators · Memphis Title Company · FAQ

    This article is general information, not legal, tax, or financial advice. Every transaction is different — consult your attorney, lender, or tax professional about your situation.