Tennessee Mortgage Rates

May 27, 2016 04:22 AM 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
3.501%
Monthly Payment
$885
BNC National Bank
30 Year Fixed
Interest Rate
3.375%
APR
3.501%
Monthly Payment
$885
BNC National Bank
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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 $3,117
Lender Credit $0
Total Closing Fees* $3,117
*Other 3rd party fees may apply
BNC National Bank
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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

Excellent Experience with Paul Clipston

Yes, I recommend this lender

Excellent and straightforward loan officer. Quickly put together the most competitive offer. Paul was extremely responsive and helpful during the process, but not at all pushy.

By: Greg (Lititz, PA)

Two thumbs up!

Yes, I recommend this lender

Linda Gieseke is the absolute best. I would highly recommend her. From the start of our loan application to close of escrow she was always available, more knowledgable than any loan officer I've worked with in the past 25 years on 12 home loans, always kept her word, and always followed through. Don't waste your time shopping around or utilizing anyone else.

By: Trish (North Las Vegas, NV)

Excellent service

Yes, I recommend this lender

BNC was extremely easy to work with. They allow you to upload your documents to a secure site and make it easy to use. They are definitely staying current and making the process very easy for their customers.

By: Christy (Scituate, MA)
See All Reviews
SmartPath Mortgage
30 Year Fixed
Interest Rate
3.375%
APR
3.525%
Monthly Payment
$885
(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 $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $3,705
Lender Credit $0
Total Closing Fees* $3,705
*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
2.625%
APR
2.814%
Monthly Payment
$1,346
SmartPath Mortgage
15 Year Fixed
Interest Rate
2.625%
APR
2.814%
Monthly Payment
$1,346
(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 $1,346
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,346
Lender Fees $2,635
Lender Credit $0
Total Closing Fees* $2,635
*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
BNC National Bank
15 Year Fixed
Interest Rate
2.750%
APR
2.827%
Monthly Payment
$1,358
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 $1,358
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,358
Lender Fees $1,071
Lender Credit $0
Total Closing Fees* $1,071
*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

Excellent Experience with Paul Clipston

Yes, I recommend this lender

Excellent and straightforward loan officer. Quickly put together the most competitive offer. Paul was extremely responsive and helpful during the process, but not at all pushy.

By: Greg (Lititz, PA)

Two thumbs up!

Yes, I recommend this lender

Linda Gieseke is the absolute best. I would highly recommend her. From the start of our loan application to close of escrow she was always available, more knowledgable than any loan officer I've worked with in the past 25 years on 12 home loans, always kept her word, and always followed through. Don't waste your time shopping around or utilizing anyone else.

By: Trish (North Las Vegas, NV)

Excellent service

Yes, I recommend this lender

BNC was extremely easy to work with. They allow you to upload your documents to a secure site and make it easy to use. They are definitely staying current and making the process very easy for their customers.

By: Christy (Scituate, MA)
See All Reviews

5/1 ARM

Interest Rate
2.750%
APR
3.402%
Monthly Payment
$817
Capital One
5/1 ARM
Interest Rate
2.750%
APR
3.402%
Monthly Payment
$817
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 $817
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $817
Lender Fees $1,975
Lender Credit $0
Total Closing Fees* $1,975
*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.
Capital One
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Lender Reviews

Eugena Carpio review

Yes, I recommend this lender

They were bery good as aloan company keep lower rates and I was very satisfied

By: EugeneCarpio (Las Vegas, NV)

Review

Yes, I recommend this lender

Experienced and knowledgeable staff.

By: Cathleen (Santa Fe, NM)

Frustrating Loan Hub Experience

I tried using this lender in late 2015. It was a terrible experience. We struggled through this from August to October. I was told that the paperwork process would be easy as Capital One Home Loans uses online technology (Loan Hub) to communicate with the customer. I was told I could upload all of our required documents via a secure site. We tried on three different occasions to upload our documents, but only some of them appeared on the website. We were told that some documents were missing, even after we received confirmation that the documents were received. The online process was not being updated by the company, so we did not know at times where we were in the refi process. The initial customer rep took my preliminary info and then I was sent to another rep who rarely answered my emails or answered with no suggestions to help us. When I told him that the site would not let us upload documents or failed to show that our documents were uploaded, he told me to contact customer service. When I called the number he provided, the customer rep did not know what I was talking about and said he was not familiar with the new Capital One Home Loans website. I truly never had a more frustrating experience and I do not like to write negative reviews, but I must state my frustration with this company. We were made to feel as though once they had our business (we were submitting all required documents) that we were nothing to them. Because this company seemed to lack customer service and someone who could take the time to explain why the electronic document process was so tedious, I had to withdrawal my request for a refi.

By: Dave (Philadelphia, PA)
See All Reviews
BNC National Bank
5/1 ARM
Interest Rate
2.625%
APR
3.420%
Monthly Payment
$804
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 $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $3,309
Lender Credit $0
Total Closing Fees* $3,309
*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

Excellent Experience with Paul Clipston

Yes, I recommend this lender

Excellent and straightforward loan officer. Quickly put together the most competitive offer. Paul was extremely responsive and helpful during the process, but not at all pushy.

By: Greg (Lititz, PA)

Two thumbs up!

Yes, I recommend this lender

Linda Gieseke is the absolute best. I would highly recommend her. From the start of our loan application to close of escrow she was always available, more knowledgable than any loan officer I've worked with in the past 25 years on 12 home loans, always kept her word, and always followed through. Don't waste your time shopping around or utilizing anyone else.

By: Trish (North Las Vegas, NV)

Excellent service

Yes, I recommend this lender

BNC was extremely easy to work with. They allow you to upload your documents to a secure site and make it easy to use. They are definitely staying current and making the process very easy for their customers.

By: Christy (Scituate, MA)
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