Divorce can be a messy ordeal, and it's one of the most stressful events that people go through. If you're in the midst of divorce proceedings with a mortgage involved, here are some helpful options.\nValue Your Home for Equity\nHome equity is the appraised value of a home minus any outstanding mortgage. If you are considering selling your house, it's best to get an appraisal from a professional first so that both parties know how much money they'll be splitting up or if one will owe more debts than what their share would cover.\nRemoval from the Mortgage\nLeaving your name on a mortgage for a home you no longer live in can negatively impact your credit and debt-to-income ratio. This is because if the bank forecloses, it will negatively affect those numbers in addition to bringing up past debts that are now long gone.\nTo remove your name, you'll need a lender to help. But not all lenders are the same! If you're looking for someone with experience handling different scenarios and making sure they can offer choices based on what is best for YOU (like income, credit score or equity), then talk to us today about refinancing.\nSelling the Home\nIf neither spouse can qualify for the mortgage independently, or no one wants to retain ownership of the home, the property may need to be sold. Selling costs are not insignificant and come with various fees such as real estate agent commissions and repairs. An amicable divorce agreement, written in which each spouse will split any proceeds from sale after paying off the mortgage provides closure for many couples.\nDivorce is a difficult process but there are options for navigating this transition. A divorce attorney, a financial advisor, and a trusted mortgage broker like us at Next Door Lending are here to help guide you.\n

The 2021 FHA Limit in Tennessee is between $331,760 and $563,500 for 1-unit properties and between $424,800 and $721,400 for 2-unit properties. See below for limits on 3 and 4 units.\nAnderson County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nBedford County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nBenton County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nBledsoe County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nBlount County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nBradley County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nCampbell County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nCannon County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nCarroll County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nCarter County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nCheatham County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nChester County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nClaiborne County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nClay County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nCocke County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nCoffee County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nCrockett County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nCumberland County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nDavidson County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nDecatur County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nDeKalb County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nDickson County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nDyer County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nFayette County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nFentress County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nFranklin County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nGibson County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nGiles County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nGrainger County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nGreene County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nGrundy County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHamblen County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHamilton County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHancock County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHardeman County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHardin County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHawkins County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHaywood County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHenderson County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHenry County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHickman County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHouston County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nHumphreys County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nJackson County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nJefferson County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nJohnson County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nKnox County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nLake County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nLauderdale County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nLawrence County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nLewis County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nLincoln County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nLoudon County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nMacon County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nMadison County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nMarion County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nMarshall County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nMaury County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nMcMinn County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nMcNairy County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nMeigs County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nMonroe County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nMontgomery County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nMoore County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nMorgan County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nObion County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nOverton County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nPerry County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nPickett County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nPolk County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nPutnam County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nRhea County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nRoane County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nRobertson County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nRutherford County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nScott County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nSequatchie County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nSevier County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nShelby County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nSmith County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nStewart County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nSullivan County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nSumner County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nTipton County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nTrousdale County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nUnicoi County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nUnion County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nVan Buren County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nWarren County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nWashington County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nWayne County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nWeakley County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nWhite County 1 Unit – $331,7602 Unit – $424,8003 Unit – $513,4504 Unit – $638,100\nWilliamson County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650\nWilson County 1 Unit – $563,5002 Unit – $721,4003 Unit – $872,6004 Unit – $1,083,650 \nInformation sourced from hud.gov. .\n

If you're looking to purchase a home, it can be an overwhelming process. There are many real estate and mortgage terms that may confuse you--one example is the difference between an appraisal and inspection. Understanding what these functions do for both parties involved will help make smarter decisions in your quest for housing!\nHome Inspection\nHome inspections are important for buyers to keep their investment protected. Insuring your purchase is a smart move, and who doesn't want peace of mind? A home inspection is one way you can do this; it's scheduled in advance before the final papers are signed so there won't be any surprises later on. With an inspector coming out beforehand, they evaluate if anything would go wrong down the line with structures or other issues that could have been unknown about until after closing time! They will usually check for leaks or needed repairs in electrical work, plumbing issues, built-ins (like cabinets), roofing material/condition; focus on anything from building code violations to structural concerns like termites. Once inspected it's up to prospective homebuyers as whether they want this information disclosed with their offer.\nHome inspections are an essential part of buying a new home. They allow buyers to learn more about their future property and can even save them from unpleasant surprises in the process! For those who don't know any inspection companies, your realtor should be able to give you some recommendations. You can also check out the American Society of Home Inspectors to help you choose. They have a list of which organizations are qualified and they offer tips on how to be ready for your inspection.\nAppraisal\nAn appraisal is an unbiased third party often assigned by the mortgage lender to make sure that all parties involved (buyer, seller, and lender) receive a fair price for property. Appraisers are highly trained professionals who must meet certain academic qualifications before they can be licensed as appraiser through their state's governing body. Most lenders have a list of qualified appraisers from which you may choose one whose opinion will best suit your needs! The inspector will make sure the property is up to code and that any potential hazards are eliminated. They also check for comparable sales in the area, which makes them a great resource when it comes time to sell your home. Once they have completed their inspection, they'll compile all this information into a detailed report that includes pictures and calculations on how much each facet would affect the house value if changed. This way you won't need to guess about any details or wonder why your appraisal is higher than another one while trying to negotiate with potential buyers!\nBuying your first home is an exciting and exhilarating process. It can also be confusing and a little scary; that's why Next Door Lending is here to help with all of your financing needs! If you're thinking about buying a house or have questions about mortgages, get in touch with one of our loan officers today.\n