9 Best Tennessee Mortgage Lenders of 2021 - NerdWallet Advertiser disclosure
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Here are are our picks for some of the best Tennessee mortgage lenders, including ones that help first-time home buyers and military members, as well as lenders who offer low down payment mortgages and HELOCs.NerdWallet Jan 21, 2021 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Whether you’re shopping for a chalet near Gatlinburg or a loft in Nashville with a view of the Cumberland River, it takes research to get the right mortgage. NerdWallet has done the legwork to help you find the best Tennessee mortgage lenders. Some of these lenders stand out for overall expertise. Others excel in specific categories, such as VA loans, first-time home buyers, home equity loans or low down payment mortgages. Whether you’re shopping for a chalet near Gatlinburg or a loft in Nashville with a view of the Cumberland River, it takes research to get the right mortgage. NerdWallet has done the legwork to help you find the best Tennessee mortgage lenders. Some of these lenders stand out for overall expertise. Others excel in specific categories, such as VA loans, first-time home buyers, home equity loans or low down payment mortgages. Best Tennessee Mortgage Lenders
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Min. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin. down paymentLearn more New American Funding NMLS#6606Learn more at New American Funding 4.5/5 Best for overall620 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:6203%New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois.Learn more at New American Funding Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for overall620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:6203%Guaranteed Rate offers conventional loans with as little as 3% down.Learn more at Guaranteed Rate Quicken Loans NMLS#3030Learn more at Quicken Loans 4.0/5 Best for low down payments620 VA:620JUMBO:N/AFHA:580CONVENTIONAL:6203%On conventional loans, Quicken offers down payments as low as 3%.Learn more at Quicken Loans Veterans United NMLS#1907Learn more at Veterans United 4.0/5 Best for VA loans620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:6200%Veterans United offers VA loans for as little as 0% down.Learn more at Veterans United SoFi NMLS#1484615Read review 4.0/5 Best for first-time home buyers620 JUMBO:700CONVENTIONAL:6203%SoFi requires a 3% down payment from first-time home buyers for mortgage loans.Read review Navy Federal NMLS#399807Read review 3.5/5 Best for VA loans N/A0% Navy Federal Credit Union offers down payments as low as 0% on loans for military families.Read review Carrington NMLS#2600Read review 4.5/5 Best for first-time home buyers620 VA:500CONVENTIONAL:620FHA:500JUMBO:N/AUSDA:5505%Carrington Mortgage Services offers conventional loans for as little as 5% down.Read review SunTrust Truist NMLS#2915Read review 4.5/5 Best for home equity borrowing620 HEL:620HELOC:620N/ARead review Bank of America NMLS#399802Read review 4.5/5 Best for low down payments660 CONVENTIONAL:660FHA:600JUMBO:720VA:6205%Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program.Read reviewLearn more at New American Funding New American Funding NMLS#6606
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 FHA:500JUMBO:N/AUSDA:640VA:500CONVENTIONAL:620 Min. down payment3% New American Funding works with down payment assistance programs in 14 states, including California, Texas, Florida and Illinois. View details Learn moreat New American Funding View details Why we like it Good for: First-time home buyers and other borrowers looking for a broad array of loan choices. Pros Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities. Its home equity line of credit can be used for an owner-occupied or second home. Offers a program to enable buyers to make cash offers. Cons Mortgage origination fees tend to be on the high end, according to the latest federal data.Read Full ReviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620 Min. down payment3% Guaranteed Rate offers conventional loans with as little as 3% down. View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewLearn more at Quicken Loans Quicken Loans NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:620JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% On conventional loans, Quicken offers down payments as low as 3%. View details Learn moreat Quicken Loans View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewLearn more at Veterans United Veterans United NMLS#1907
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620FHA:620JUMBO:620USDA:620VA:620 Min. down payment0% Veterans United offers VA loans for as little as 0% down. View details Learn moreat Veterans United View details Why we like it Good for: veterans, active-duty service members and eligible reservists looking for VA loans. Pros Offers 24/7 customer service over the phone. Offers a free credit counseling service. Mortgage rates are on the low side, according to the latest federal data. Cons Doesn’t offer home equity loans or HELOCs. Veterans United has physical branch offices in only 17 states. Focus on VA loans, so may not be the strongest choice for those seeking other loan types.Read Full ReviewRead review SoFi NMLS#1484615
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 JUMBO:700CONVENTIONAL:620 Min. down payment3% SoFi requires a 3% down payment from first-time home buyers for mortgage loans. View details Read reviewView details Why we like it Good for: borrowers seeking an entirely digital application process for conventional purchase mortgages or refinancing. Pros Borrowers with an existing loan or investment account from SoFi may qualify for a $500 discount on mortgage fees. Mortgage rates tend to be on the low side, according to the latest federal data. Offers jumbo loans with a minimum down payment of 10%. Cons Does not offer government-backed loans, such as FHA or VA. Requires users to create an account to see customized mortgage rates. SoFi conforming mortgages are unavailable in Hawaii.Read Full ReviewRead review Navy Federal NMLS#399807
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Min. down payment0% Navy Federal Credit Union offers down payments as low as 0% on loans for military families. View details Read reviewView details Why we like it Good for: military members and their families looking for low-down-payment mortgages. Pros Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members. Offers HELOCs and home equity loans. Offers low rates compared with most lenders, according to the latest federal data. Cons Website does not provide customized mortgage rates based on credit score or other factors before you apply. Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.Read Full ReviewRead review Carrington NMLS#2600
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:500CONVENTIONAL:620FHA:500JUMBO:N/AUSDA:550 Min. down payment5% Carrington Mortgage Services offers conventional loans for as little as 5% down. View details Read reviewView details Why we like it Good for: first-time home buyers or credit-challenged borrowers interested in government loan products. Pros Offers multiple low-down-payment loan programs. May consider alternative credit data, such as bank statements. You can view customized rates for purchasing a home and apply online. Cons Doesn't offer home equity lines of credit. Lender fees are on the high side, according to the latest Federal data.Read Full ReviewRead review SunTrust Truist NMLS#2915
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Max LTV89.9% Min. credit score620 HEL:620HELOC:620 View details Read reviewView details Min. credit score 620 Why we like it Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options. Pros Offers a wide variety of loan options, including special programs for doctors. Offers a complete suite of online mortgage application tools and loan tracking. Sample rates and fees are easy to find on the website. Cons Customized rates aren't available online without starting an application. Branches are limited mostly to the Southeast.Read Full ReviewRead review Bank of America NMLS#399802
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score660 CONVENTIONAL:660FHA:600JUMBO:720VA:620 Min. down payment5% Bank of America offers down payments as low as 3% through its Affordable Loan Solution mortgage program. National / regionalNational View details Read reviewView details National / regional National Why we like it Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit. Pros Offers down payment and closing cost assistance programs. May give existing customers a discount on mortgage lender origination fees and HELOC interest rates. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Doesn't offer renovation loans that roll costs into a mortgage.Read Full Review More from NerdWallet:Calculate your Tennessee mortgage payment Compare Tennessee mortgage rates See Tennessee first-time home buyer programs Last updated on January 21, 2021 Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team. To recap our selections... NerdWallet' s Best Tennessee Mortgage Lenders of 2021
New American Funding: Best for overallGuaranteed Rate: Best for overallQuicken Loans: Best for low down paymentsVeterans United: Best for VA loansSoFi: Best for first-time home buyersNavy Federal: Best for VA loansCarrington: Best for first-time home buyersSunTrust (Truist): Best for home equity borrowingBank of America: Best for low down payments About the author
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