The Best Mortgage Lenders in Benton, TN
Compare verified mortgage lenders serving Benton, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Benton
Featured Mortgage Lenders
Mortgage Investors Group
Mortgage Investors Group
Mortgage Investors Group is one of the most highly-rated mortgage lenders in Southeast Tennessee, serving the Benton area with exceptional customer satisfaction. With over 30 years of experience, they specialize in VA loans and have helped thousands of Tennessee homeowners. Their team of local loan officers provides personalized service and competitive rates, with a strong reputation for smooth closings and excellent communication throughout the mortgage process. They offer a comprehensive range of loan products and maintain a 4.9-star rating across multiple review platforms.
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Tennessee Valley Federal Credit Union
Tennessee Valley Federal Credit Union
Tennessee Valley Federal Credit Union has been serving the Benton and Southeast Tennessee community since 1936, offering competitive mortgage rates and exceptional member service. As a not-for-profit financial cooperative, TVFCU provides significant cost savings to members through lower fees and better rates. Their local loan officers have deep knowledge of the Benton real estate market and offer personalized guidance through the entire home buying process. With multiple branch locations throughout the region and a strong commitment to community development, they maintain a 4.8-star rating for mortgage services.
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Guild Mortgage Company
Guild Mortgage Company
Guild Mortgage has been serving Tennessee homeowners for decades with a strong local presence in the Cleveland area, just minutes from Benton. With a 4.7-star rating and over 60 years of industry experience, they offer a wide range of mortgage products including specialized renovation loans that are popular in the Benton market. Their local loan officers provide hands-on guidance and maintain strong relationships with real estate professionals throughout Polk County. Guild is known for their competitive rates, flexible underwriting, and commitment to closing loans on time, making them a top choice for Benton area homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Benton, TN
Are there any down payment assistance programs specifically for homebuyers in Benton, TN?
Yes, the Tennessee Housing Development Agency (THDA) offers the Great Choice Home Loan program, which is widely used in Benton and Polk County. This program provides competitive interest rates and down payment assistance in the form of a second mortgage that can be forgiven over time. Local lenders are familiar with this program and can help you determine if you qualify based on income and purchase price limits.
How do property taxes in Benton, TN, affect my monthly mortgage payment?
Polk County, where Benton is located, has relatively low property tax rates compared to national averages, which is a significant benefit for your monthly payment. For 2023, the county rate is approximately $2.48 per $100 of assessed value. Your lender will use this rate to calculate an escrow estimate, but it's wise to confirm the exact assessment with the Polk County Property Assessor's office, as rates can adjust slightly year-to-year.
What type of property appraisals are common for homes in Benton, given its rural and mountainous setting?
Due to the mix of traditional homes, unique mountain properties, and larger land parcels, appraisals in Benton often require appraisers with specific local expertise. Lenders will typically order an appraisal that considers the challenging terrain, well and septic systems (common outside town limits), and comparable sales that may be farther apart. This can sometimes lengthen the mortgage process slightly compared to urban areas.
Are USDA rural housing loans a viable option for mortgages in Benton, Tennessee?
Absolutely. A significant portion of Polk County, including areas in and around Benton, is eligible for USDA Section 502 Guaranteed Loans, which offer 100% financing (no down payment). This is a popular and advantageous program for qualified buyers in this region, making homeownership more accessible. You can check the specific eligibility of a property address on the USDA website.
How does the local economy and seasonal tourism around the Ocoee River influence mortgage lending in Benton?
Lenders underwriting mortgages in Benton will carefully evaluate income for borrowers employed in seasonal tourism (e.g., rafting companies, rentals). They may require a two-year history of such employment and use a two-year average of your income. For self-employed individuals or business owners in this sector, providing thorough tax documentation is crucial. The stable base of county and manufacturing jobs, however, is viewed favorably.
Why Choose a Mortgage Lender in Benton?
Local Market Knowledge
Lenders who understand Benton's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Tennessee.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Benton and get competitive rates on your home loan.