Best of

Best Tennessee Mortgage Lenders of 2019

NerdWalletJuly 2, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

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.

New American Funding

at New American

at New American

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Uses manual underwriting to evaluate creditworthiness.
  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

  • Services not available in all 50 states.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Works with most borrowers as long as they have good credit scores and incomes.
  • Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
  • Has a 95% customer satisfaction rate, according to company data.

Cons

  • Charges some fees, such as a $1,290 lender fee that includes a $150 application fee.
  • Offers many products, which might confuse or overwhelm borrowers.
  • Several click-throughs required for personalized rates.
Read full review
Veterans United

at Veterans United

at Veterans United

Min. Credit Score

620

Min. Down Payment

0%

Pros

  • Also offers FHA, USDA and conventional loans.
  • Offers 24/7 customer service.
  • You can complete a loan application and pre-qualify online.
  • Registers a low volume of complaints filed with the Consumer Financial Protection Bureau.
  • Offers free credit score education and assistance.
  • Provides a client advocate team staffed by former senior enlisted leaders from each branch of the armed forces.

Cons

  • Doesn’t offer home equity loans or HELOCs.
  • Loans are available in all 50 states, but Veterans United has offices in only about half.
Read full review
National / Regional

National

Min. Down Payment

0%

Pros

  • Wide range of affordable mortgage products designed for military members.
  • Willing to look at nontraditional credit data, such as rent payments, as part of its credit evaluation for certain products.
  • Lower minimum loan amounts than many other lenders.
  • Online application for preapproval with quick decision.
  • $1,000 mortgage rate match program.
  • Operates nationwide.

Cons

  • Charges application and underwriting fees.
  • Origination charge on a typical conventional loan is 1% of the loan amount.
Read full review
SoFi

at SoFi

at SoFi

National / Regional

Regional

Min. Down Payment

10%

Pros

  • Charges no application or origination fees.
  • Provides an entirely digital mortgage application to make the process easier for borrowers.
  • Considers nontraditional income, such as restricted stock units, and works with self-employed borrowers.

Cons

  • Doesn't offer government-backed loans, like FHA or VA.
  • Does not offer home equity loans or HELOCs.
Read full review
Vylla

at Vylla

at Vylla

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Low minimum credit score.
  • Online application, loan tracking and document upload.
  • Free rate locks.

Cons

  • No online preapproval.
  • No presence in Massachusetts or North Dakota.
Read full review
National / Regional

National

Min. Down Payment

3%

Pros

  • Low down payment options.
  • Discounts for Citibank customers.
  • Looks at alternative credit data like rent history and child support payments.
  • Available in all 50 states.

Cons

  • Charges a mortgage application fee.
  • Did not disclose origination fees, which may vary.
  • Can't complete loan online.
Read full review
loanDepot

at loanDepot

at loanDepot

Min. Credit Score

620

Min. Down Payment

3.5%

Pros

  • Offers digital income, asset and employment verification.
  • Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.
  • One of the nation’s most active lenders of FHA and VA loans.

Cons

  • Published mortgage rates include up to three points of prepaid interest and fees.
  • Does not offer home equity loans or lines of credit.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Allows borrowers to apply entirely online.
  • Offers down payment and closing cost assistance programs.
  • Accepts alternative credit data for some loan types.
  • May give existing customers a discount on mortgage lender origination fees.

Cons

  • Charges an application fee of $1,170, on average.
  • Has a high volume of consumer complaints, even for a big national bank.
Read full review
Quicken Loans

at Quicken Loans

at Quicken Loans

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
  • Instantly verifies employment and income for more than 60% of working Americans.
  • Offers custom fixed-rate loan terms that are between eight and 30 years.
  • Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • If you’re a “look me in the eye” type of customer, you’re out of luck.
  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
Read full review

Summary of Best Tennessee Mortgage Lenders of 2019

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
New American Funding

New American Funding

at New American

overall

620

3%

at New American

Guaranteed Rate

Guaranteed Rate

overall

620

3%

Read review
Veterans United

Veterans United

at Veterans United

VA loans

620

0%

at Veterans United

Navy Federal

Navy Federal

VA loans

N/A

0%

Read review
SoFi

SoFi

at SoFi

first-time home buyers

N/A

10%

at SoFi

Vylla

Vylla

at Vylla

first-time home buyers

620

3%

at Vylla

Citibank Mortgage

Citibank Mortgage

home equity borrowing

N/A

3%

Read review
loanDepot

loanDepot

at loanDepot

home equity borrowing

620

3.5%

at loanDepot

Bank of America

Bank of America

low down payments

620

3%

Read review
Quicken Loans

Quicken Loans

at Quicken Loans

low down payments

620

3%

at Quicken Loans

LenderBest For

Minimum Credit Score

Minimum Down PaymentLearn More
New American Funding

New American Funding

at New American

overall

620

3%

at New American

Guaranteed Rate

Guaranteed Rate

overall

620

3%

Read review
Veterans United

Veterans United

at Veterans United

VA loans

620

0%

at Veterans United

Navy Federal

Navy Federal

VA loans

N/A

0%

Read review
SoFi

SoFi

at SoFi

first-time home buyers

N/A

10%

at SoFi

Vylla

Vylla

at Vylla

first-time home buyers

620

3%

at Vylla

Citibank Mortgage

Citibank Mortgage

home equity borrowing

N/A

3%

Read review
loanDepot

loanDepot

at loanDepot

home equity borrowing

620

3.5%

at loanDepot

Bank of America

Bank of America

low down payments

620

3%

Read review
Quicken Loans

Quicken Loans

at Quicken Loans

low down payments

620

3%

at Quicken Loans

Last updated on July 2, 2019

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. 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 2019