Get Your Free, No-Obligation Personalized Quote Today!
Get My Free Personal Quote Now!
Calculate how much your monthly mortgage payment could be.
* Results are hypothetical and may not be accurate. This is not a commitment to lend nor a preapproval. Consult a financial professional for full details.
Committed to giving you all the support and guidance you need.
A conventional loan is a type of loan that doesn't have government backing or insurance, unlike FHA, VA, and USDA loans, which are insured by the government. Conventional mortgage loans, whether conforming or non-conforming, usually require a slightly larger down payment than some government loans. However, conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies" (CRAs). One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job. Your credit record contains information about your income, debts, and credit payment history. It also indicates whether you have been sued, arrested, or have filed for bankruptcy.
On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.
It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.
An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.
At First Financial of Tennessee Home Loans, LLC, we know that finding the right mortgage loan can feel overwhelming, but were here to make the process smoother and more enjoyable for you. With years of experience in the industry, our team of dedicated loan officers is committed to providing personalized loan solutions tailored to meet your unique needs. Whether you're a first-time homebuyer or looking to refinance your existing mortgage, we have a wide array of loan options to help you achieve your homeownership goals. Our focus is on understanding your financial situation and guiding you towards the best possible loan product for your circumstances.
In Farragut, we are proud to serve a vibrant community known for its beautiful parks and family-friendly atmosphere. As a hub of growth and development, Farragut offers a range of housing options, making it an ideal place for families, professionals, and retirees alike. At First Financial of Tennessee Home Loans, LLC, we understand the housing market in this area and can assist you with various Home Purchase Loans, including FHA, VA, and conventional loans. Our goal is to help you find the perfect home in this charming town that suits your lifestyle and budget.
Moving to Hardin Valley, we find ourselves in a rapidly growing area that boasts excellent schools and a strong sense of community. Hardin Valley is home to numerous amenities, including shopping, dining, and recreational opportunities, making it a desirable location for many homebuyers. Our knowledgeable team at First Financial of Tennessee Home Loans, LLC is ready to guide you through the process of securing Home Purchase Loans, whether you are interested in FHA Loans, VA Loans, or conventional financing. We take pride in helping residents of Hardin Valley achieve their dream of homeownership while navigating the mortgage process with ease.
Lenoir City is another fantastic location we proudly serve, rich in history and surrounded by breathtaking natural beauty. This charming city offers a variety of housing options, from quaint cottages to modern family homes. At First Financial of Tennessee Home Loans, LLC, we recognize that each homebuyer has different needs. Thats why we offer a wide range of Home Purchase Loans, including our specialized products for first-time homebuyers, veterans, and those looking for conventional financing. Our experienced loan officers are dedicated to helping you find the right loan option to suit your circumstances and make your homeownership dreams a reality in Lenoir City.
In addition to our standard loan offerings, we understand that not everyone fits the traditional mold of a borrower. Thats why First Financial of Tennessee Home Loans, LLC is excited to provide additional programs like 1099 Loans, Self Employed Loans, and Fix and Flip financing. We believe that homeownership should be accessible to everyone, regardless of their financial situation. Our team is equipped with the knowledge and expertise to guide you through these specialized programs and help you achieve your property goals, no matter where you are located in Tennessee.
Finally, our commitment to serving the community means we are always on the lookout for innovative loan solutions that cater to the unique needs of our clients. Programs like the Hometown Heroes Loan and IRRL Loans are just a few of the ways we aim to support homebuyers at First Financial of Tennessee Home Loans, LLC. Whether you are looking to purchase your first home or refinance your existing mortgage, our dedicated team is here to provide you with the tools and resources you need for a seamless experience. We cannot wait to help you embark on your homeownership journey in Farragut, Hardin Valley, Lenoir City, and beyond!
Learn about home affordability factors with examples nationwide.
Buying your first home can seem overwhelming. Let’s tackle common hurdles together and pave the way to your dream home with confidence and clarity.
Home affordability can feel overwhelming. Discover key strategies to understand your budget and make informed decisions for a brighter homebuying future.
Answer a few quick questions, No Hassle, No Obligation
This website is sponsored by First Financial of Tennessee Home Loans, LLC - Company NMLS: 161834
