Are you considering settling down in the Volunteer State? If so, you’ve got company. Tennessee has roughly 3 million housing units and a homeownership rate of 66.5%, according to the U.S. Census Bureau’s 2019 American Community Survey.
The typical home value for Tennessee is $231,682, compared with a $329,000 national median sales price. But home values can vary by county.
|
||||
|
||||
Homefinity launched in 2018 as the online lending division of Fairway Independent Mortgage. It offers a variety of mortgage products, including conventional mortgages, Federal Housing Administration and Veterans Affairs mortgages, and mortgage refinancing.
Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans. Caliber has been in business since 2008, and is solely focused on home lending products.
Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.
Pentagon Federal Credit Union, widely known as PenFed, offers borrowers access to many types of mortgages: conventional, adjustable rate, jumbo and Department of Veterans Affairs, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was established in 1935 and is based in McLean, Virginia.
Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.
Chase, one of the world’s largest banks, was founded in 1799 in New York and offers mortgage and refinance loans.
AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite digital mortgage experience for customers. The company says it has financed more than 664,000 borrowers since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.
Simmons Bank was founded in Arkansas in 1903 and can now be found across six states. It offers mortgage products such as conventional and jumbo loans, federal-government-backed loans and state-approved down payment assistance programs.
Veterans United Home Loans offers mortgages in all 50 states and Washington, D.C., and specializes in Department of Veterans Affairs loans. Since 2016, Veterans United Home Loans has generated the largest number of VA purchase loans per year in the nation. The lender was founded in 2002 and is based in Columbia, Missouri.
The average mortgage rate in Tennessee is currently 6.43% for the 30-year fixed loan term.
Here are the interest rates offered to Tennessee residents looking to buy or refinance a home as of 01/03/2023/p>
- 30-year fixed purchase: 6.43%
- 30-year fixed refi: 6.32%
- 15-year fixed purchase: 6.35%
Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
The Tennessee Housing Development Agency provides a few programs to help first-time homebuyers, active-duty service members and veterans get into a home.
- Available to: Eligible first-time homebuyers and repeat homebuyers.
- Income limits: Vary by county (see THDA income limits).
- First-time homebuyers only? No.
- Loan options: 30-year, fixed-rate loan.
- Benefits: Makes it possible to take advantage of down payment assistance through the Great Choice Plus Loan.
- Available to: Eligible active-duty service members, veterans, reservists and their spouses.
- Income limits: Vary by county (see THDA income limits).
- First-time homebuyers only? No.
- Loan options: 30-year, fixed-rate loan.
- Benefits: This type of Great Choice Home Loan waives the requirement to be a first-time homebuyer and provides an interest rate discount of 0.5 as well as access to 100% funding through a VA loan. It also allows borrowers to qualify for a Great Choice Plus Loan.
- Available to: Homebuyers with a Great Choice Home Loan.
- Income limits: Vary by county (see THDA income limits).
- First-time homebuyers only? No.
- Down payment and closing cost assistance: Provides two options to assist with down payment and closing costs.
The Great Choice Plus-Amortizing is a second mortgage with a monthly payment over a 15-year term. The amount of the loan is 6% of the sales price and has the same interest rate as your mortgage. The second mortgage balance will be due if you choose to sell your home prior to the end of the loan term or refinance your mortgage.
The Great Choice Plus-Deferred is a second mortgage with deferred payments for a $6,000 loan amount over a 30-year term. There are no payments made for the term of the loan, and the loan is forgiven at the end of the 30-year term. However, the second mortgage is due if you choose to sell your home prior to the end of the loan term or choose to refinance your first mortgage.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
Best Tennessee Mortgage Lenders of 2023
PNC Bank is one of the largest banks in the United States, serving more than 9 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.
PrimeLending is a Dallas-based mortgage lender in operation since 1986. The company offers several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.
Real Genius is a division of FirstBank, a publicly traded bank based in Nashville, Tennessee. Real Genius, formerly known as ConsumerDirect Mortgage, offers both home purchase and refinance loans.
New American Funding is a mortgage lender offering a variety of home loan options to homebuyers and homeowners nationwide except for Hawaii. The company, founded in 2003 and based in Tustin, California, has originated $61.9 billion in mortgages to date.
Guild Mortgage is a San Diego-based lender established in 1960 and focused on residential home loans. Guild Mortgage offers buyers in 43 states a full suite of mortgage products, including conventional loans, government-backed mortgages and jumbo loans.
SoFi is an online lender founded in 2011 and headquartered in San Francisco that offers fixed-rate mortgages. Refinance, jumbo and home equity loans are also available.
CMG Financial is a privately held mortgage banking firm operating nationwide with localized support, founded in 1993 and based in San Ramon, California. The lender offers a range of products, including conventional, government and specialty mortgages, like jumbo loans.
Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage is a full-service mortgage company. It’s the fifth-largest mortgage provider in the country and is licensed to operate in all 50 states. Freedom Mortgage offers a variety of mortgage options, including conventional loans, refinancing and first-time homebuyer friendly programs such as FHA loans.
LoanDepot is a mortgage lender that operates nationally with more than 200 branches and delivers both a digital experience and face-to-face service. The lender offers fixed- and adjustable-rate conventional mortgages, Federal Housing Administration and Department of Veterans Affairs loans, as well as refinance and renovation loans. The company was founded in 2010 and is based in Foothill Ranch, California.
Alliant Credit Union is a not-for-profit financial cooperative that serves customers in all 50 states. Alliant offers products such as conventional, jumbo, refinancing and home equity line of credit loans, but specific mortgage products may not be available in certain states.
Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.
