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Alcoa, TN Mortgage Refinance in Tennessee

We make it easy to get the lowest mortgage refinance interest rate in Alcoa, TN.

Our loan specialists can customize a loan that is perfect for your needs. In no time at all, Alcoa, TN residents can be on the way to a lower interest rate, a lower monthly payment, or switching from an adjustable rate mortgage to a fixed rate mortgage.

When Should I Refinance?

The best time to refinance is when interest rates in Alcoa, Tennessee drop below the rate of your current mortgage.  With a lower interest rate, you'll save money on your mortgage payment every month.  Be sure to read our article titled Reasons to Refinance Now.

Turn Your Adjustable Rate into a Fixed Rate

With adjustable rates on the rise Alcoa, TN residents can benefit greatly from refinancing your home for a low fixed rate.  These benefits include a lower monthly mortgage payment, and the security of knowing your mortgage payment won't increase.

Cash-Out Refinancing

Using the equity in your home, you can refinance your mortgage for a higher amount than your current principal balance and receive the extra funds as cash.  You can use this money however you would like, including, remodeling your home, paying off high-interest rate credit cards, paying off student loans, or consolidating all your debt.  How much cash out you can receive by refinancing depends largely upon the principal balance remaining on your mortgage and the amount of equity in your home.

Eliminate PMI

Private Mortgage Insurance is usually required if your downpayment on your home was less than 20 percent.  If your home equity has increased since your purchase, you may have enough equity to elimate that PMI payment by refinancing your mortgage.

Save Thousands in Interest

When you refinance your home you can decide to switch your mortgage to a shorter term, such as 10, 15, or 20 years.  Depending on how much lower the refinance rate is, you will likely pay more per month for this shorter term home loan.  However, in the long-term you are saving thousands in interest.  And because more of your monthly mortgage payment goes towards the principal, your home equity will increase much quicker.

Mortgage Refinance Calculators

Mortgage Payment Calculator
Refinance Savings Calculator
Refinance APR Calculator
Refinance Points Calculator 

Refinance Articles

Reasons to Refinance Now
Beat the Subprime Mortgage Crisis 
Understanding Your Credit
Your Interest Rate

" Traditional banks make their customer fit the loan; at Somerset Mortgage Lenders we make our loan fit the customer. "

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Alcoa, Tennessee News
Alcoa Long John Silvers robbery suspect arrested in Knox Co.

The man accused of robbing the Long John Silver's restaurant on South Calderwood High in Aloca Monday was arrested in Powell, according to an Alcoa Police Department release.


ALCOA retiree benefit case appears headed for trial

The ALCOA retired benefit case is going to a jury. That's the indication by Judge Thomas Phillips after a hearing Wednesday in U.S. District Court in Knoxville.


Cut out the fat! Alcoa nutrition program encourages students to eat right

The days of greasy, fatty school lunches at Alcoa Elementary School are rapidly coming to an end.


Alcoa Long John Silver's robbed, suspect loose

Police are looking for a man who robbed the Long John Silver's restaurant Monday morning on South Calderwood Street in Aloca.


On a mission for muscular dystrophy; Alcoa resident says he's on pace to raise $14,000 by Labor Day

An Alcoa man hopes to raise $14,000 by Labor Day to benefit muscular dystrophy. "With God's help, I want to make $14,000, and we are on pace to do that," said Bob Johnson.


Regional briefs: Aug. 22

Anderson County Circuit Court Clerk Barry Pelizzari has filed a petition in Circuit Court seeking funding to pay for additional workers.


Green thumbs: Townsend Farmers' Market has great start

James Holder and Mike Holder sell fruits and vegetables at the first Townsend Farmers' Market last week.


Collective effort: Alcoa, other Methodist churches combine efforts for Habitat

At Alcoa First United Methodist, senior pastor Joe Green and his congregation have just emerged from a building project spanning over three years only to jump back into one more.


Fallen East Tennessee Marine laid to rest

A fallen soldier from Maryville was laid to rest Monday at the East Tennessee Veteran's Cemetery.


Tribute paid to late Marine

City of Alcoa firefighters raise an American flag over the entrance to Our Lady of Fatima Catholic Church Monday morning, preparing for the funeral for Marine Sgt.


Attorneys appointed for couple accused of sex crimes

A judge has appointed attorneys for a pair of church youth ministers charged with sexually abusing teenage girls.


Alcoa Ford dealership shutting down

Slow sales are forcing an Alcoa car dealership to close its doors. Wednesday afternoon, employees at Neill Sandler Ford Lincoln Mercury were given a letter saying August 20 will be the dealerships last day for ...


Group urges sales-tax rise

A narrowly focused civic group known as Blount Countians for Educational Excellence has topped its first hurdle in getting a half-cent increase in the county's sales-tax rate on the November ballot.


'Model employee' killed when equipment tips over on W. Knox road

A Seymour man died after a rock roller used in road construction toppled over, trapping him under the device along Hall Road in West Knox County, records show.


Funeral arrangements announced for East Tennessee Marine killed in Iraq

Funeral arrangements have been announced for an East Tennessee Marine killed in Iraq Sunday.


MFD hosts baby shower for first pregnant firefighter

Amy Campbell, Maryville Fire Department's first female firefighter, is adding another first to her resume: She's the first pregnant firefighter in the department's history.


Bristol Suite Ticket Giveaway with Hall's Salvage

WIMZ and Hall's Salvage are going to send three lucky listeners and their friends to the Sharpie 500 in Bristol in style! You could be the envy of all your buddies who are sitting in the stands by winning ...


Family Brands levied 80 percent water, wastewater rate increase

If your utility company raised your water and wastewater rates 82 and 88 percent, respectively, what would you do? That is the question that has been facing John Edd Wampler, pictured right, president and COO ...


Schools' family resource centers need community's help

Meeting the basic needs of disadvantaged students is the main priority for a school system's family resource center and these centers require continual community support.


Proffitts endow $100,000 scholarship at Maryville College

To say Bill and Vera Lusk Proffitt have a deep appreciation for Maryville College would be a slight understatement.


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