Tennessee Mortgage Lenders

Nov 18, 2023 By Susan Kelly

As of March 2021, the average price of a home in the state of Tennessee was estimated by Zillow to be $207,727. Over the last year, there has been a 10.3% increase in the value of homes around the state. Therefore, whether you are interested in purchasing a new house or obtaining a low-rate mortgage refinancing, a good place to begin your search is with our top nine lenders. So, what are the best Tennessee mortgage lenders?

Rocket Mortgage

As a wholly digital lender, Rocket Mortgage enables you to apply for a loan at any time, from any location, without the assistance of a loan professional. Rocket Mortgage is the leading lender in the United States; in 2020, nearly one out of every ten customers will choose the organization for their home loan needs.

To begin, visit the Rocket Mortgage website to become prequalified and to see the rates that are available to you. When you are ready to apply for a loan, Rocket Mortgage's application may sync with your bank's system to make the process faster and more efficient.

Pros

Instant verification: When you use Rocket Mortgage, you will immediately find out how much of a mortgage you are prequalified for.

Cons

Loans not listed: To see your mortgage and rate possibilities, you will need to either give Rocket Mortgage a call or fill out an application.

Better

Better is a lender that operates entirely online and does not charge any fees for loan origination or lender's commissions. The lender makes available a selection of loans for initial purchases and subsequent refinancing, publishes its interest rates on the company's website and can estimate the loan amount in minutes.

Since 2016, Better has backed more than $25 billion in loans. Additionally, via its Better Settlement Services and Better Cover divisions, the company can help you select a real estate agent, aid you with your title, and assist with your homeowner's insurance.

Pros

Save on fees: Better does not charge any upfront costs for the loan's origination, processing, application or underwriting.

Assistance available: Even though Better is an online lender, loan officers are available to talk to you if you have any questions or concerns.

Cons

Fewer loan options are available: Currently, Better does not provide VA loans, USDA loans, construction loans, or any other specialist lending products.

Loans are sold: A secondary lender is preferable since this indicates that your loan will be sold after the closing.

LendingTree

LendingTree is an online marketplace offering free-of-charge comparison shopping for mortgages. LendingTree will take your statistics and match you up with lenders from its network of more than 1500 partners around the country, saving you the trouble of doing your independent company research.

To use the service, go to the LendingTree website or download the LendingTree app on your mobile device, and then fill out the form that is shown to you with the necessary information. You should start receiving real-time offers from different lenders to compare within minutes of submitting your information.

Pros

Competitive offers: Because LendingTree's partners compete with one another, the service can get you a better offer overall.

Loan selection: Loan options include conventional, FHA, VA, and USDA loans, HELOCs, and reverse mortgages.

Cons

Consumer complaints: Clients have lodged more than 200 complaints against LendingTree on the Better Business Bureau website. Complaints center on excessive calls, stringent credit checks, and fraudulent financial schemes.

Mr. Cooper

Mr. Cooper can assist you in improving your credit score if you are worried about it. This financial services provider provides a variety of loans, such as conventional, jumbo, and government-backed loans, and it may be more flexible regarding credit scores than other lenders.

Mr. Cooper, which has its headquarters in Dallas, Texas, is distinguished by the fact that its entire team of advisors is located within the United States, by the availability of a user-friendly application for the processing of electronic payments, and by the provision of additional advantages for customers who are already using the company's services. Visit the website and contact a loan officer to start the process.

Pros

Guaranteed Closing at the Scheduled Time: If your previously authorized loan doesn't close on the scheduled date, Mr. Cooper will write you a check to cover your mortgage payment for the first month.

User-friendly app: You may make payments, examine your loan documentation, and additional access functionality all inside the comprehensive Mr. Cooper app.

Cons

No online application: Unlike other financial lenders, Mr. Cooper does not provide a loan application over the internet.

No USDA loans: Mr. Cooper is not currently eligible for loans from the USDA.

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