The Best Mortgage Lenders in Ellendale, TN
Compare verified mortgage lenders serving Ellendale, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ellendale
Featured Mortgage Lenders
Churchill Mortgage
Churchill Mortgage Corporation
Churchill Mortgage is a highly reputable lender based in Tennessee with over three decades of experience, specializing in personalized service and a wide range of loan products. They are known for their exceptional customer satisfaction, competitive rates, and strong community presence in the Memphis metropolitan area, including Ellendale. With a focus on education and transparency, they have built a loyal client base and consistently receive high ratings for their reliability and expertise in residential lending.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a strong local presence in Tennessee, praised for its fast processing, competitive rates, and exceptional customer service. They offer a comprehensive suite of loan options and have a dedicated team serving the Ellendale area, with a reputation for streamlining the mortgage process and providing personalized support. Their high ratings reflect a commitment to transparency and community engagement, making them a top choice for homebuyers.
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Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender with a robust network that includes service to Ellendale, TN, known for its competitive rates, extensive loan options, and outstanding customer care. With nearly three decades in business, they have earned a stellar reputation for reliability, efficient closings, and expert guidance, particularly for first-time and veteran homebuyers. Their local Memphis team ensures personalized attention and deep knowledge of the regional market, contributing to their high satisfaction scores.
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Frequently Asked Questions
Common questions about mortgage lending in Ellendale, TN
Are there any special first-time homebuyer programs or grants available specifically for Ellendale, TN?
While Tennessee offers statewide programs like the Great Choice Home Loan, Ellendale homebuyers should specifically inquire about the "Housing Opportunities for People Everywhere (HOPE)" initiative from the Shelby County Community Services Agency. This can provide down payment assistance for eligible buyers in the county. Additionally, some lenders may offer special portfolio loans for the Ellendale area, which is part of the greater Memphis metro.
How do property taxes in Ellendale, TN, affect my monthly mortgage payment?
Ellendale is in Shelby County, which has a relatively high property tax rate compared to other Tennessee counties. Your lender will calculate an escrow payment based on the county's current rate (approximately $2.72 per $100 of assessed value for 2023). This will be included in your monthly payment, so it's crucial to budget for this higher tax burden, which can significantly impact your total housing cost.
What is the typical down payment required for a mortgage on a home in Ellendale's current market?
While conventional loans often require 5-20% down, Ellendale's median home price is relatively accessible, allowing for lower down payment options to be feasible. Many local buyers successfully utilize FHA loans with 3.5% down or USDA loans, which require 0% down, as parts of the area may qualify for USDA rural housing eligibility, a key advantage for this community.
How does Ellendale's location near Memphis influence mortgage lending and insurance requirements?
Being in Shelby County and part of the Memphis metro area, lenders are familiar with the local market dynamics. However, you may encounter specific requirements for wind/hail insurance due to the region's storm exposure, which can affect your escrow. Also, some lenders may have slightly different appraisal guidelines for Ellendale compared to more urban parts of Shelby County due to its more suburban/rural character.
Are there any local credit unions or community banks in Ellendale that offer competitive mortgage rates or unique loan products?
While Ellendale itself is a small town, residents have access to several strong local institutions in the surrounding area, such as First South Financial Credit Union and Orion Federal Credit Union, which often offer competitive rates and personalized service for Shelby County homebuyers. These local lenders may have a better understanding of Ellendale's specific property values and market trends than large national banks.
Why Choose a Mortgage Lender in Ellendale?
Local Market Knowledge
Lenders who understand Ellendale'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 Ellendale and get competitive rates on your home loan.