The Best Mortgage Lenders in Chattanooga, TN
Compare verified mortgage lenders serving Chattanooga, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Chattanooga
Featured Mortgage Lenders
Regions Mortgage
Regions Bank Mortgage Division
Regions Bank stands as one of Chattanooga's most established and highly-rated mortgage lenders with deep roots in the community. Their local mortgage specialists provide personalized service with the backing of a major regional financial institution. Customers consistently praise their competitive rates, transparent process, and exceptional customer service. With multiple branch locations throughout Chattanooga and extensive experience in Tennessee real estate markets, they offer comprehensive mortgage solutions including specialized programs for first-time homebuyers and flexible refinancing options.
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Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage has earned an outstanding reputation in Chattanooga for their exceptional service and competitive loan products. Their local team of mortgage professionals specializes in creating customized solutions for each borrower's unique situation. They're particularly praised for their efficient processing, clear communication throughout the loan process, and ability to secure competitive rates. The company has received numerous industry awards and maintains strong relationships with local real estate professionals, making them a top choice for both purchase and refinance transactions.
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Churchill Mortgage
Churchill Mortgage Corporation
Churchill Mortgage brings three decades of mortgage expertise to Chattanooga homebuyers with a strong focus on customer education and financial responsibility. Their local team is known for taking time to thoroughly explain options and guide clients toward the most suitable mortgage solution. They excel in both traditional and specialized loan programs, with particular strength in VA loans and first-time homebuyer assistance. Customers consistently highlight their professionalism, attention to detail, and the company's commitment to ensuring borrowers understand every aspect of their mortgage commitment.
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Frequently Asked Questions
Common questions about mortgage lending in Chattanooga, TN
Are there any special first-time homebuyer programs available in Chattanooga, TN?
Yes, the Chattanooga Neighborhood Enterprise (CNE) offers the Homeownership Made Easier (HOME) program, which provides down payment assistance in the form of a forgivable loan. Additionally, the Tennessee Housing Development Agency (THDA) offers the Great Choice Plus loan with competitive rates and down payment assistance, which is widely used by buyers in the area.
How do property taxes in Hamilton County affect my mortgage payments in Chattanooga?
Hamilton County property taxes are relatively moderate for Tennessee, with a combined city and county rate. Your lender will calculate an escrow payment as part of your monthly mortgage to cover these taxes, which typically adds a significant but manageable amount to your payment. It's important to factor this into your budget, as tax rates can vary slightly between city and county jurisdictions.
What is the typical down payment needed for a home in Chattanooga's competitive market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Chattanooga successfully use conventional loans with 3-5% down or FHA loans with 3.5% down. Given the market's competitiveness, a stronger down payment can make your offer more attractive, but local loan programs can help bridge the gap for those with less upfront capital.
Are there specific mortgage considerations for buying a historic home in Chattanooga neighborhoods like Fort Wood or St. Elmo?
Yes, purchasing a historic home may require a specialized appraisal and could affect loan options, as some lenders have stricter requirements for older properties. You should also inquire about potential higher insurance costs and consider if renovation loans like the FHA 203(k) might be necessary for updates, while ensuring any changes comply with local historic preservation guidelines.
How do Chattanooga's current market trends influence mortgage rates and loan approval?
Chattanooga's growing market and relative affordability compared to national averages mean lenders are actively writing mortgages here. While national rates set the baseline, local credit unions and banks may offer competitive products. A fast-moving market underscores the importance of getting pre-approved with a reputable local lender to strengthen your offer when competing for a home.
Nearby Cities
Explore mortgage lenders in cities near Chattanooga, TN
Why Choose a Mortgage Lender in Chattanooga?
Local Market Knowledge
Lenders who understand Chattanooga'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 Chattanooga and get competitive rates on your home loan.