Compare Franklin, TN mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Franklin.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Franklin. Plus, shopping lenders is free and there is no obligation.
February 8, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Franklin. Understand how much you need to earn to afford a home in Franklin, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Franklin fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Franklin is right for you.
The median home value for Franklin, TN (Franklin County) is $623,942
Based on current mortgage rates and a 10% down payment, you need to make $102,230 per year to buy the median priced home in Franklin
With this income, you could qualify for a $561,548 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Franklin is $2,367
The median household income for Franklin, TN (Franklin County) is $124,848
Based on this income, you can afford a home valued at approximately $761,986
The home price you can afford to buy based on household income in Franklin is 122% of the median home value which means housing prices are average. Franklin (Franklin County) ranks 94 out of 95 counties in Tennessee and 2,873 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Franklin, TN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Franklin (Franklin County) below.
Conforming loan limits for Franklin, TN
FHA loan limits for Franklin, TN
VA loan limits for Franklin, TN