Tennessee Mortgage Rates

April 29, 2016 09:27 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

Interest Rate
3.375%
APR
3.491%
Monthly Payment
$885
BNC National Bank
30 Year Fixed
Interest Rate
3.375%
APR
3.491%
Monthly Payment
$885
BNC National 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 $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $2,879
Lender Credit $0
Total Closing Fees* $2,879
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews
SmartPath Mortgage
30 Year Fixed (FHA)
Interest Rate
3.000%
APR
3.939%
Monthly Payment
$978
(844) 311-2605 Contact
SmartPath 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 $844
Estimated Mortgage Insurance Payments $134
Total Monthly Mortgage Payment $978
Lender Fees $5,467
Lender Credit $0
Total Closing Fees* $5,467
*Other 3rd party fees may apply
SmartPath Mortgage
Email Lender

About the Lender

Smartpath Mortgage is a dba of Atlantic Bay Mortgage Group.  Atlantic Bay is a Ginnie Mae and Fannie Mae/Freddie Mac Direct Seller/Servicer. Atlantic Bay also has FHA Direct Endorsement authority and is a VA lender for residential mortgages. We have every authority that big banks and other lenders have, without the limits they have. In addition, FHA as an automatic insuring authority, meaning that we do not need to go to FHA for approvals, delegate us. To date we have helped over 70,000 borrowers, some more than once. We are also a partner in the community, giving over $2 million to charities and participating in events that promote the passions of our customers, employees, and neighbors.
SmartPath Mortgage
Email Lender Write a Review

Lender Reviews

Great Experience!

Yes, I recommend this lender

This was by far the easiest mortgage I have ever done. I've refinanced about 3 times in the last 7 or so years and this was the best experience by far. Easy to deal with and they closed in my home. I would recommend them every time!

By: Michelle (Charleston, SC)

Bought a house

Yes, I recommend this lender

I have been working with Atlantic Bay for a bit now. They had my loan underwriten before I found a house to make sure there wasn't any problems once we found one. Their responsiveness has been wonderful and the rate was one of the lowest I found. I would recommend them to anyone.

By: Kim (Charlotte, NC)

Excellent Job

Yes, I recommend this lender

This is the second loan I have closed with these guys. Both have been really easy experiences. The online process was really straightforward and their rate was one of the lowest I've found both times.

By: Richard (Matthews, NC)
See All Reviews

15 Year Fixed

Interest Rate
2.490%
APR
2.755%
Monthly Payment
$1,333
BNC National Bank
15 Year Fixed
Interest Rate
2.490%
APR
2.755%
Monthly Payment
$1,333
BNC National 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 $1,333
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,333
Lender Fees $3,695
Lender Credit $0
Total Closing Fees* $3,695
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews

5/1 ARM

Interest Rate
2.500%
APR
3.355%
Monthly Payment
$791
BNC National Bank
5/1 ARM
Interest Rate
2.500%
APR
3.355%
Monthly Payment
$791
BNC National 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 $791
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $791
Lender Fees $3,671
Lender Credit $0
Total Closing Fees* $3,671
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews
SmartPath Mortgage
5/1 ARM
Interest Rate
2.625%
APR
3.400%
Monthly Payment
$804
(844) 311-2605 Contact
SmartPath 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 $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $3,885
Lender Credit $0
Total Closing Fees* $3,885
*Other 3rd party fees may apply
SmartPath Mortgage
Email Lender

About the Lender

Smartpath Mortgage is a dba of Atlantic Bay Mortgage Group.  Atlantic Bay is a Ginnie Mae and Fannie Mae/Freddie Mac Direct Seller/Servicer. Atlantic Bay also has FHA Direct Endorsement authority and is a VA lender for residential mortgages. We have every authority that big banks and other lenders have, without the limits they have. In addition, FHA as an automatic insuring authority, meaning that we do not need to go to FHA for approvals, delegate us. To date we have helped over 70,000 borrowers, some more than once. We are also a partner in the community, giving over $2 million to charities and participating in events that promote the passions of our customers, employees, and neighbors.
SmartPath Mortgage
Email Lender Write a Review

Lender Reviews

Great Experience!

Yes, I recommend this lender

This was by far the easiest mortgage I have ever done. I've refinanced about 3 times in the last 7 or so years and this was the best experience by far. Easy to deal with and they closed in my home. I would recommend them every time!

By: Michelle (Charleston, SC)

Bought a house

Yes, I recommend this lender

I have been working with Atlantic Bay for a bit now. They had my loan underwriten before I found a house to make sure there wasn't any problems once we found one. Their responsiveness has been wonderful and the rate was one of the lowest I found. I would recommend them to anyone.

By: Kim (Charlotte, NC)

Excellent Job

Yes, I recommend this lender

This is the second loan I have closed with these guys. Both have been really easy experiences. The online process was really straightforward and their rate was one of the lowest I've found both times.

By: Richard (Matthews, NC)
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