Tennessee Mortgage Rates

March 27, 2015 03:06 PM Eastern

Refinance rates now in MEMPHIS, TN [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed Rates as low as

Interest Rate
3.500%
APR
3.685%
Monthly Payment
$899
Capital One
Interest Rate
3.500%
APR
3.685%
Monthly Payment
$899
(844) 326-5399 Contact
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $899
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $899
Lender Fees $4,512
Lender Credit $0
Total Closing Fees* $4,512
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings—we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process—one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too—you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
First Internet Bank
Interest Rate
3.500%
APR
3.696%
Monthly Payment
$899
(855) 637-1962 Contact
First Internet Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $899
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $899
Lender Fees $4,793
Lender Credit $0
Total Closing Fees* $4,793
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!
First Internet Bank
Email Lender Write a Review

Lender Reviews

First Internet Bank of Indiana is great!

Yes, I recommend this lender

Our loan officer John Skipper and loan processor Katie Buckley were very attentive and focused on our needs and goals. The process was very quick and easy. My husband was hesitant to submit secure documents online, but secure email made him change his tune. We would highly recommend First Internet Bank.

By: AmyK (Central IL)

Wonderful

Yes, I recommend this lender

Had an amazing experience with First Internet Bank! Will highly recommend to friends and family.

By: Samisal (Lincolnwood, Il)

Exceptional Mortgage Lender

Yes, I recommend this lender

First Internet Bank is not just the best online mortgage lender in the US, it may be the best mortgage lender of any kind. After getting shafted by a terrible lender, then getting bait-and-switch pricing from another, I did some research and picked FIB. In all, the process took about 28 days for a refinance. Chris Beggs was my loan officer, and was outstanding, as were the closing personnel. The appraisal came in within .5% of my purchase price a few months earlier, and there were very few nonsensical forms or information requests. Most importantly, the loan I signed docs for had the same terms as I had been given at application, and the total costs were within $20 of the original estimate. I recommend FIB unreservedly.

By: Brent (Temecula, CA)
See All Reviews

15 Year Fixed Rates as low as

Interest Rate
2.750%
APR
2.915%
Monthly Payment
$1,358
eRates Mortgage
Interest Rate
2.750%
APR
2.915%
Monthly Payment
$1,358
(844) 334-6118 Contact
eRates Mortgage
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,358
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,358
Lender Fees $2,288
Lender Credit $0
Total Closing Fees* $2,288
*Other 3rd party fees may apply
eRates Mortgage
Email Lender

About the Lender

eRates Mortgage is a Direct Lender that has been delivering superior rates and exceptional customer services for over twenty years.  We have simplified mortgage shopping to make the process easy, transparent and hassle free.  By operating completely online, we pass our cost savings on to you, the consumer.  Contact us today for your free, no obligation rate quote.
eRates Mortgage
Email Lender Write a Review

Lender Reviews

Awesome

Yes, I recommend this lender

I just closed on a refinance of my house. I found eRates online and they had great rates and reviews so I figured it couldn't hurt to get some info. I sumbmitted my info and got a call within two minutes on a Saturday afternoon! I saved $300 per month on my loan and literally closed at my kitchen table. Great job!

By: Fedsavings911bad (Huntington Beach, CA)

Great Experience

Yes, I recommend this lender

My loan officer, Abe Davis was the only person out of the three lenders i checked with that sent me something to actually review all my options prior to making any kind of decision. He and our Processor, Rene Gray, were professional and courteous and patient. I would definitely recommend them and would not hesitate to use them in the future if the need arises.

By: Patti (Texas)

Incredible!

Yes, I recommend this lender

I just finished refinancing my house through eRates Mortgage and I was extremely impressed with the company, especially since I found them online, which is usually a bit scary. First of all they had the best rate I could find. The agent I worked with was Chris Manzella. He was extremely helpful and very patient and explained everything in detail. I also contacted Chris several times with questions afterwards and he always got back to me and answered all my questions. Kari van den Berg was our processor and she was also very nice to work with. I would definitely recommend this company to anybody looking for a mortgage or to refinance. I had a great experience. I was actually already in escrow with another lender when I came across eRates Mortgage and I cancelled just a few days before we were scheduled to close, because the rate eRates Mortgage was offering was better. And on top the service was great!

By: ortab (Torrance, CA)
See All Reviews
First Internet Bank
Interest Rate
2.750%
APR
3.058%
Monthly Payment
$1,358
(855) 637-1962 Contact
First Internet Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,358
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,358
Lender Fees $4,249
Lender Credit $0
Total Closing Fees* $4,249
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!
First Internet Bank
Email Lender Write a Review

Lender Reviews

First Internet Bank of Indiana is great!

Yes, I recommend this lender

Our loan officer John Skipper and loan processor Katie Buckley were very attentive and focused on our needs and goals. The process was very quick and easy. My husband was hesitant to submit secure documents online, but secure email made him change his tune. We would highly recommend First Internet Bank.

By: AmyK (Central IL)

Wonderful

Yes, I recommend this lender

Had an amazing experience with First Internet Bank! Will highly recommend to friends and family.

By: Samisal (Lincolnwood, Il)

Exceptional Mortgage Lender

Yes, I recommend this lender

First Internet Bank is not just the best online mortgage lender in the US, it may be the best mortgage lender of any kind. After getting shafted by a terrible lender, then getting bait-and-switch pricing from another, I did some research and picked FIB. In all, the process took about 28 days for a refinance. Chris Beggs was my loan officer, and was outstanding, as were the closing personnel. The appraisal came in within .5% of my purchase price a few months earlier, and there were very few nonsensical forms or information requests. Most importantly, the loan I signed docs for had the same terms as I had been given at application, and the total costs were within $20 of the original estimate. I recommend FIB unreservedly.

By: Brent (Temecula, CA)
See All Reviews

5 Year ARM Rates as low as

Interest Rate
2.250%
APR
2.932%
Monthly Payment
$765
First Internet Bank
Interest Rate
2.250%
APR
2.932%
Monthly Payment
$765
(855) 637-1962 Contact
First Internet Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $765
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $765
Lender Fees $4,743
Lender Credit $0
Total Closing Fees* $4,743
*Other 3rd party fees may apply
First Internet Bank
Email Lender

About the Lender

At First Internet Bank, we focus on helping our customers achieve their dreams of homeownership. We know that it is more than a house to you; it is where you raise your families, make lasting memories and build financial security. And we know that your family and home is unique and special, so we treat each and every application individually.
1. Your home loan experience – better, faster, easier – Our team has helped thousands of people like you afford the home of their dreams. You can rely on our deep knowledge and experience because our loan officers are seasoned professionals. They’re not sales people; they are “skilled mortgage advisors.” We take the time to explain each step to you – forms, paper work, the home appraisal and the final closing. First IB is there for you and will guide, support and advise you every step of the way.
2. Great rates and low fees – We know that once you find that perfect home in that perfect neighborhood, you’ll need a mortgage partner to help you design the perfect payment plan. First IB consistently delivers competitive mortgage rates to home owners across the nation. And unlike some lenders, we won’t just show you “some” of the fees, we show you everything. Put us to the test!
First Internet Bank
Email Lender Write a Review

Lender Reviews

First Internet Bank of Indiana is great!

Yes, I recommend this lender

Our loan officer John Skipper and loan processor Katie Buckley were very attentive and focused on our needs and goals. The process was very quick and easy. My husband was hesitant to submit secure documents online, but secure email made him change his tune. We would highly recommend First Internet Bank.

By: AmyK (Central IL)

Wonderful

Yes, I recommend this lender

Had an amazing experience with First Internet Bank! Will highly recommend to friends and family.

By: Samisal (Lincolnwood, Il)

Exceptional Mortgage Lender

Yes, I recommend this lender

First Internet Bank is not just the best online mortgage lender in the US, it may be the best mortgage lender of any kind. After getting shafted by a terrible lender, then getting bait-and-switch pricing from another, I did some research and picked FIB. In all, the process took about 28 days for a refinance. Chris Beggs was my loan officer, and was outstanding, as were the closing personnel. The appraisal came in within .5% of my purchase price a few months earlier, and there were very few nonsensical forms or information requests. Most importantly, the loan I signed docs for had the same terms as I had been given at application, and the total costs were within $20 of the original estimate. I recommend FIB unreservedly.

By: Brent (Temecula, CA)
See All Reviews
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

Mortgage Rate Trends

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TN Mortgage Rates to Fund Loans for Low-Income Families
Tennessee is a state rich in culture and music, and famous for its hospitality. It is home to landmarks such as Nashville (America's official "Music City"), many beautiful historical plantations, and country music's homestead, the Grand Ole Opry. Several programs available in Tennessee aim to help people from all walks of life own a home for the first time in this beautiful state.

The Tennessee Housing Development Agency (THDA) offers programs that help first-time and low-income homebuyers obtain the resources they need to buy a home. The THDA also has resources for existing homeowners who want to renovate or who are worried about losing their home.

In order to qualify for any of these programs and take advantage of low current TN mortgage rates, the applicant(s) must meet certain income and credit requirements, and the home must meet certain standards.

Programs for First-Time Homebuyers using Tennessee Mortgage Rates
Three types of first-time homebuyer programs are available through the Tennessee Housing Development Agency:

• Great Rate
• Great Advantage
• Great Start

The Great Rate program offers lower rates than current TN mortgage rates, and represents the lowest rate possible among the three available programs, for those who qualify. Income limits are determined by family size and the county where the property will be purchased.

The Great Advantage and Great Start programs are offered at interest rates slightly higher than the Great Rate program. These programs are distinctive because they provide a relatively low down payment requirement and feature closing cost assistance.

Great Save Loan Program with TN Mortgage Interest Rates
The Great Save loan program from THDA is ideal for those who might fall behind in mortgage payments or those who are in danger of losing their homes. This program is designed for low- and moderate-income borrowers who currently have an adjustable rate mortgage loan on their principal residence that was made after December 31, 2001, and before January 1, 2008, that would likely to cause a financial hardship to the borrower if not refinanced.

Homeowner Education in Tennessee Mortgage Rates
In addition to finding low interest mortgage programs and assistance for existing homeowners, the THDA has a homeowner education program. This innovative program helps potential homeowners, new homeowners and existing homeowners understand the important financial obligations that come with owning a house.

To qualify for any of the THDA programs, borrowers are required to attend an education program led by a certified trainer. The topics covered in this homeowner education program include:

• budgeting
• credit
• finance maintenance
• home maintenance