Are you looking to buy a home this year in Tennessee? Navigating the home buying process can be tricky, particularly if you’re new to the real estate game. There are many big decisions to make, like finding the right mortgage lender.
Choosing a lender that best fits your needs and financial situation is crucial to securing your financial future.
Not all mortgage lenders are the same. From different interest rates and loan products to varying requirements and approval timelines, you’ll find applying for a mortgage can be very different depending on the lender you choose, so it’s important to find the right fit.
A top, local agent can help you find lenders to speed up your buying process and then help you find homes within your budget. They also have local real estate knowledge of your market to help you make better financial decisions.
Be sure to research tall your options, but you can start with the following top five mortgage lenders in Tennessee before making your decision.
With a 3% down payment and 620 credit score requirement, Vylla is a great lender for first-time home buyers or buyers with credit hiccups. Vylla is one of the top-rated lenders in Tennessee and offers a variety of features like free rate locks, an online application process, and even online home shopping services.
Vylla has a handful of mortgage programs that are tailor made to fit just about every financial situation, and they’re also open to considering alternative credit history. On the downside, you won’t receive online pre approval (this step will take some time) and you may find there are too many loan products to search through, making it hard to pinpoint the right product.
2. Guaranteed Rate
Tennessee home buyers looking to navigate the entire mortgage process online should look into Guaranteed Rate. This mortgage lender provides top loan products, like FHA, VA, and USDA loans and has credit score requirements as low as 580. They also offer a conventional mortgage that only requires a 3% down payment.
Guaranteed Rate also has a 95% client satisfaction rate and offers an intuitive, easy-to-use online platform that will help users search for loan types, apply for their mortgage, upload required documents, receive preapproval, and sign all paperwork entirely online. Buyers should be aware that this lender does charge application fees and a one time lender fee of $1,290.
3. New American Funding
New American Funding is one of the highest rated mortgage lenders in Tennessee, with low credit score and down payment mortgage options. New American Funding is most known for their focus on non-traditional credit, allowing a larger number of buyers to get approved for their mortgages.
They offer a full suite of loan types, including FHA, USDA, and VA loans and also provide conventional loans with both adjustable and fixed rates. Their minimum credit score requirement is 620 (580 for FHA loans) and they only require a 3% down payment for many mortgages.They also offer all services online for buyers’ convenience.
4. Navy Federal
Navy Federal Credit Union is a top mortgage provider in Tennessee, offering affordable mortgages to current and former members of the military. For those who are eligible, Navy Federal has a lot of advantages: nontraditional credit scoring, a wide range of mortgage products, mortgage match rate program, and lower minimum credit score requirements than most other lenders.
One of the biggest advantages to financing your new home with Navy Federal is their 0% down payment option. This allows buyers who don’t have huge savings accounts to purchase a home without a down payment. While there’s no down payment requirement, they charge an origination fee for conventional loans, which could be as high as 1% of the loan amount.
If you’re self employed or take on a lot of freelancing and contracting gigs, it can be difficult to prove your employment history or to show a steady level of income. SoFi is a great mortgage lender for anyone who needs non-traditional income to be considered when applying for a home. SoFi is ideal for young professionals, entrepreneurs, and contractors.
SoFi doesn’t charge an application or origination fee, has an online application process, and offer a variety of loan options to choose from. On the downside, SoFi’s minimum down payment is 10%, which could be high for some buyers, and they do not offer any government secured loans like FHA or USDA options. They do, however, offer discounts if you’re already an existing SoFi loan customer.
Finding the right lender can be difficult for many buyers, particularly first-time home buyers. If you need help selecting the right mortgage lender in Tennessee, it’s important to talk with an experienced real estate agent.
Clever Partner Agents are top-rated, full service agents who can help you navigate through the entire real estate buying process, from choosing a mortgage lender to making an offer on your dream home that fulfills the financing requirements. Clever Partner Agents also provide on-demand showings, helping you see the home you love faster, so you can make an offer before it hits the major home viewing sites.
To get connected with a local Clever Partner Agent near you, fill out this quick online form.