Home Loan Solutions in the State of Tennessee
The state of Tennessee has plenty to offer. Nashville, the state capital, is largely accepted as the heart of country music. The King himself, national icon Elvis Presley, chose Memphis as the location for Graceland, his famous estate. But, no matter where you decide to put down some roots of your own, buying a home there can still be a confusing process unless you have professional help.
Fortunately, our entire team of home finance experts is ready and waiting to teach you everything you need to know about mortgage basics in the state of Tennessee. At the moment, the average home listing price in Tennessee is $155,999, which is much lower than the nationwide median of $261,500. This means it could be a fantastic time to buy a home in The Volunteer State.
Right now, one of the most expensive areas to purchase a home in Tennessee is Franklin, with a median home listing price of $404,400. At almost half the value is the state's capital, Nashville, where the median home value is only $207,200. In comparison, Knoxville, another popular city in, has a median home listing price of $119,700, while Memphis is even more affordable, with an average home listing price of $76,200.
The home.loans team has one single purpose: to give you the best and most up-to-date information about the home buying process. Whether you want to get a to buy a new home, refinance an existing one, or get a VA or FHA loan, we can't wait to help be a part of your home buying success story!
Best Tennessee Mortgage Lender: Fairway Independent Mortgage Corporation
A rapidly growing name in the national home finance industry, Fairway Independent Mortgage Corporation is one of the best options for conventional, FHA, and VA financing across the country. Home buyers will agree that it’s actually pretty easy to find a Fairway location when its time to get a home loan. Beyond that, their customer service is well known to be top notch.
Fairway Independent Mortgage Corporation has stunning reviews from its client base over the years. One thing they seem to excel in is cutting down the closing costs that borrowers are expected to pay at the end of a mortgage transaction, as well as facilitating a faster closing.
Fairway may very well be the best option for first time home buyers on this list. Their attention to detail and completely transparent methodology is perfect for obtaining a mortgage loan at a great rate in a stress-free environment.
Best Tennessee Mortgage Refinance Lender: Gateway Mortgage Group
Gateway Mortgage Group may have only been around since the year 2000, but in that short space of under 2 decades, they have grown into one of the largest privately held mortgage companies in the country. According to them, their success comes as a direct result of their dedication to originate and refinance affordable home loans combined with their passion for strengthening families.
The Gateway Mortgage Group team takes special care to put down roots in whatever communities where they have branches. This “localization” helps them to better do their jobs by providing a deeper understanding of the communities they are a part of, and the families that reside within them. In turn, they are able to tailor unique, personalized refinance loans for their clients.
Gateway Loan Officers are experts at loan origination, and know just how to cut all of the tension and stress associated with a mortgage transaction out of the picture completely.
Best Tennessee FHA Mortgage Lender: Quicken Loans
Finding a mortgage online may have seemed sketchy at best a decade ago, but the amazing team over at Quicken loans has truly set the standard for the online mortgage experience. Quicken Loans (and it’s online division Rocket Mortgage) have made FHA financing as simple and straightforward as possible.
The online FHA loan process is highly geared towards a streamlined user experience. Progress on the status of an FHA loan application can be easily tracked online, and preapproval for an FHA loan can be completed in a matter of minutes.
The service even keeps applicants posted with any documentation they may have forgotten or still need to provide. The real icing on the cake comes from the support staff that can be reached by phone or through the website that is standing by to offer their advisory services and answer any questions a potential borrower may have.
Best Tennessee VA Mortgage Lender: Guaranteed Rate
A Kingpin of the online mortgage trend that plays a large role in government-insured financing is Guaranteed Rate. Their participation in the digital mortgage wave leaves many other platforms lacking by comparison.
Guaranteed Rate is also extremely experienced with the origination of VA loans. The ability to offer VA financing through one of the best digital mortgage platforms available makes them serious competition to other VA lenders, and highly favored among repeat and first time home buyers. VA Mortgages are one of the highest selling loans through Guaranteed Rate.
The online platform makes securely uploading the important financial documentation requested for a loan approval fast and easy. Borrowers can even check their credit scores through the service, rather than go elsewhere. Guaranteed Rate is one of the rare few digital mortgage platforms where a mortgage loan can be closed without ever needing to speak with someone unless requested by the home buyer.
Best Tennessee Home Equity Lender: U.S. Bank
With a history dating all the way back to 1863, U.S. Bank is the farthest thing from the new kid on the block. Its strong presence in today’s mortgage market as the country’s fifth largest bank is a testament to their deep commitment to providing affordable HELOCs and home equity loans with excellent service.
U.S. Bank offers both home equity loans as well as HELOCs. Their home equity loan offering is a fixed rate HEL with a term of up to 30 years, while their HELOC product has a variable interest rate coupled with a draw period of 10 years.
U.S. Bank is well known for its knowledgeable staff and expert loan officers. Chances are, no matter what a borrower’s financial situation may look like, they can come up with an affordable home equity solution.
Experience often trumps trendy advancements, and the face-to-face personalized mortgage services offered by U.S. Bank are a shining example of this. Home buyers never have to worry about a lack of communication or being rushed, and will be treated with the same respect and due diligence as their big-name clients.
Shop Around Before You Get a Tennessee Home Loan
Our picks for the best mortgage lenders in Tennessee may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal mortgage solution that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!