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8 Best Tennessee Mortgage Lenders of 2021

Here are are our picks for some of the best Tennessee mortgage lenders, including ones that help first-time home buyers and military members, as well as lenders who offer low down payment mortgages and HELOCs.

Last updated on January 21, 2021
NerdWallet
Written by 
Alex Richards
Edited by 
Fact Checked
NerdWallet
Written by 
Alex Richards
Edited by 
Fact Checked

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8 Best Tennessee Mortgage Lenders of 2021

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|
Lender
NerdWallet Rating
Min. credit score
Min. down payment
Learn more
New American Funding

New American Funding: NMLS#6606

See Offers
at New American Funding
at New American Funding
4.5
/5
Home loans overall
Best for overall

580

N/A

See Offers
at New American Funding
at New American Funding
Rate

Rate: NMLS#2611

5.0
/5
Home loans overall
Best for overall

620

3%

Veterans United

Veterans United: NMLS#1907

See Offers
at Veterans United
at Veterans United
5.0
/5
VA loans
Best for VA loans

620

0%

See Offers
at Veterans United
at Veterans United
SoFi

SoFi: NMLS#696891

4.5
/5
Home loans overall
Best for first-time home buyers

620

3%

Navy Federal

Navy Federal: NMLS#399807

5.0
/5
VA loans
Best for VA loans

N/A

0%

Carrington

Carrington: NMLS#2600

3.5
/5
Home loans overall
Best for first-time home buyers

620

3%

SunTrust (Truist)

SunTrust (Truist): NMLS#2915

4.5
/5
Home equity loans
Best for home equity borrowing

620

3%

Bank of America

Bank of America: NMLS#399802

4.5
/5
Home loans overall
Best for low down payments

660

5%

New American Funding: Best for overall
NMLS#6606
4.5
Home loans overall
Min. credit score
580
Min. down payment
N/A
Learn more
on New American Funding's website
on New American Funding's website
  • Why we like itNew American Funding offers a large menu of loan products, as well as programs like first-time home buyer assistance, but personalized mortgage rates aren't available on its website.
    Pros
    • Offers a wide variety of purchase and refinance mortgages, as well as unique buyer assistance programs.
    • Its home equity line of credit can be used for a primary residence or second home.
    Cons
    • Average origination fees are on the high side, according to the latest federal data.
    • Personalized mortgage rates are not available on the website without providing contact information.
    Read full review
Rate: Best for overall
NMLS#2611
5.0
Home loans overall
Min. credit score
620
Min. down payment
3%
Learn more
on Rate's website
on Rate's website
  • Why we like itRate boasts a streamlined application process, with full underwriting in as little as one business day, though average fees are higher than many competitors’.
    Pros
    • Fully underwritten mortgage approval in as little as one day for qualified borrowers.
    • Generous selection of loans, including government-backed, interest-only, jumbo and renovation.
    • Advertises a HELOC that can be funded in as few as five business days.
    Cons
    • Origination fees are on the high side, according to the latest federal data.
    • HELOC requires immediate, full withdrawal of funds.
    Read full review
Veterans United: Best for VA loans
NMLS#1907
Min. credit score
620
Min. down payment
0%
Learn more
on Veterans United's website
on Veterans United's website
  • Why we like itVeterans United is the largest VA loan originator in the country by far, according to the latest federal data.
    Pros
    • Specializes in working with military borrowers.
    • Offers VA refinancing.
    • Sample interest rates are posted online.
    Cons
    • Interest rates are on the higher end compared to other VA lenders.
    • Does not offer VA renovation loans.
    Read full review
SoFi: Best for first-time home buyers
NMLS#696891
4.5
Home loans overall
Min. credit score
620
Min. down payment
3%
  • Why we like itSoFi offers standard purchase and refinance mortgage options, but not construction or renovation loans, and stands out for its convenient one-stop-shopping setup.
    Pros
    • Offers a credit up to $10,000 if closing exceeds the contract date and the lender is at fault.
    • Sample mortgage rates are highly customizable.
    • HELOC borrowers may access up to 90% of their home equity.
    Cons
    • Borrowers may experience difficulty with customer service.
    Read full review
Navy Federal: Best for VA loans
NMLS#399807
Min. down payment
0%
National / regional
National
  • Why we like itNavy Federal Credit Union stands out for having exceptionally low VA interest rates and fees.
    Pros
    • Best-scoring VA lender for interest rates and fees.
    • Offers VA refinancing.
    • Specializes in working with military borrowers.
    Cons
    • Does not offer VA renovation loans.
    Read full review
Carrington: Best for first-time home buyers
NMLS#2600
3.5
Home loans overall
Min. credit score
620
Min. down payment
3%
  • Why we like itCarrington Mortgage offers loans for people who might have trouble qualifying for a mortgage elsewhere, like self-employed borrowers or those with heavy debt. However, its interest rates are on the high side.
    Pros
    • Considers borrowers with bad credit, foreclosure or bankruptcy.
    • Accepts self-employed borrowers.
    • Mortgage origination fees are on the low side, according to the latest federal data.
    Cons
    • Interest rates are on the high side, according to the latest federal data.
    • Doesn’t post interest rates online.
    • No online chat for customer service.
    Read full review
SunTrust (Truist): Best for home equity borrowing
NMLS#2915
4.5
Home equity loans
Max LTV
89.9%
Min. credit score
620
National / regional
National
  • Why we like itGood for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.
    Pros
    • Offers a wide variety of loan options, including special programs for doctors.
    • Offers a complete suite of online mortgage application tools and loan tracking.
    • Sample rates and fees are easy to find on the website.
    Cons
    • Customized rates aren't available online without starting an application.
    • Branches are limited mostly to the Southeast.
    Read full review
Bank of America: Best for low down payments
NMLS#399802
4.5
Home loans overall
Min. credit score
660
Min. down payment
5%
National / regional
National
  • Why we like itBank of America offers low interest rates, in-person service and plenty of loan options. Current banking customers may be eligible for additional perks.
    Pros
    • Interest rates are lower than most lenders, according to the latest federal data.
    • Offers up to $10,000 in down payment assistance to qualified borrowers.
    • Banking customers can get discounted interest rates or fees.
    Cons
    • Mortgage origination fees are on the high side, according to the latest federal data.
    • Rate estimator tool doesn’t personalize by credit score.
    Read full review

Last updated on January 21, 2021

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Tennessee Mortgage Lenders of 2021

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