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
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Whether you’re shopping for a chalet near Gatlinburg or a loft in Nashville with a view of the Cumberland River, it takes research to get the right mortgage. NerdWallet has done the legwork to help you find the best Tennessee mortgage lenders.
Some of these lenders stand out for overall expertise. Others excel in specific categories, such as VA loans, first-time home buyers, home equity loans or low down payment mortgages.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
8 Best Tennessee Mortgage Lenders of 2021
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Lender â–¾ â–¾ | NerdWallet Rating â–¾ â–¾ | Min. credit score â–¾ â–¾ | Min. down payment â–¾ â–¾ | Learn more |
|---|---|---|---|---|
580 | 3% | Learn more at New American Funding | ||
620 | 3% | Learn more at Guaranteed Rate | ||
620 | 0% | Learn more at Veterans United | ||
620 | 3% | |||
N/A | 0% | |||
620 | 5% | |||
620 | 3% | |||
660 | 5% |
Learn more
at New American Funding
New American Funding: NMLS#6606
4.0
Home loans overall
NerdWallet ratingMin. credit score
580
Min. down payment
3%
Why We Like ItGood for: first-time home buyers, military members and self-employed or underrepresented borrowers.
Pros
- Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
- Its home equity line of credit can be used for an owner-occupied or second home.
- Has a program to enable buyers to make cash offers.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Mortgage origination fees tend to be on the high end.
- Personalized mortgage rates are not available on the website without providing contact information.
Learn more
at Guaranteed Rate
Guaranteed Rate: NMLS#2611
5.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItGood for: borrowers seeking a broad menu of loans, including jumbo and interest-only options, renovation loans and government-backed mortgages, as well as home equity lines of credit.
Pros
- Offers a one-day mortgage approval process.
- Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo and renovation loans.
- Advertises a HELOC that can be funded in as few as five business days.
Cons
- Origination fees are higher than average, according to the latest federal data.
- HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
Learn more
at Veterans United
Why We Like ItGood for: veterans, active-duty service members and eligible reservists looking for VA loans.
Pros
- Largest VA lender in the country by far.
- Offers 24/7 customer service over the phone.
- Offers a free credit counseling service.
Cons
- Does not offer second mortgage options like home equity loans or HELOCs.
- Borrower must provide contact info for customized rates.
Why We Like ItGood for: existing SoFi members or those willing to create an account to access a seamless digital experience, from mortgage application to chat support.
Pros
- Has a highly rated mobile app that integrates with SoFi’s member rewards program.
- Home equity line of credit (HELOC) borrowers can access up to 90% of home’s value, a higher limit than most lenders’.
- Recently expanded mortgage offerings to include government-backed FHA and VA loans.
Cons
- Requires users to create an account to access some digital conveniences, including loan application and customer service chat.
- Displays only sample rates on its website. (Users with an online account can request a customized rate quote.)
- Doesn’t offer renovation or construction-to-permanent loans.
Why We Like ItGood for: military members and their families looking for low-down-payment mortgages.
Pros
- Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members.
- Offers HELOCs and home equity loans.
- Offers low rates compared with most lenders, according to the latest federal data.
Cons
- Website does not provide customized mortgage rates based on credit score or other factors before you apply.
- Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.
Why We Like ItGood for: credit-challenged borrowers interested in government loan products or borrowers with nontraditional credit histories.
Pros
- Offers multiple low-down-payment loans.
- Accepts history of bankruptcy, foreclosure and late payments with flexible loan program.
- Considers borrowers with low credit scores and high debt-to-income ratios.
Cons
- Fined $5.25 million for misleading customers about pandemic-era payment relief.
- Doesn't offer home equity lines of credit.
- Lender fees are on the high side, according to the latest federal data.
SunTrust (Truist): NMLS#2915
4.5
Home equity loans
NerdWallet ratingNational / regional
National
Max LTV
89.9%
Min. credit score
620
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.
Bank of America: NMLS#399802
4.0
Home loans overall
NerdWallet ratingMin. credit score
660
Min. down payment
5%
National / regional
National
Why We Like ItGood for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit.
Pros
- Offers down payment and closing cost assistance programs.
- May give existing customers a discount on mortgage lender origination fees and HELOC interest rates.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Doesn't offer renovation or construction-to-permanent mortgage loans.
- Must enroll in online banking to access Home Loan Navigator.
- Fined $12 million for reporting inaccurate mortgage applicant info to the federal government.
More from NerdWallet:
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.
NerdWallet's Best Tennessee Mortgage Lenders of 2021
- New American Funding: Best for overall
- Guaranteed Rate: Best for overall
- Veterans United: Best for VA loans
- SoFi: Best for first-time home buyers
- Navy Federal: Best for VA loans
- Carrington: Best for first-time home buyers
- SunTrust (Truist): Best for home equity borrowing
- Bank of America: Best for low down payments
