The Best Mortgage Lenders in Gallaway, TN
Compare verified mortgage lenders serving Gallaway, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Gallaway
Featured Mortgage Lenders
Mortgage Department
First Horizon Bank
First Horizon Bank stands as one of the most established and highly-rated mortgage lenders serving the Gallaway area through their strong Memphis presence. With over 150 years of banking experience, they offer deep local market knowledge combined with the resources of a major regional bank. Customers consistently praise their competitive rates, personalized service, and efficient loan processing. Their mortgage specialists are particularly noted for expertise in first-time homebuyer programs and rural development loans relevant to the Gallaway market. The bank maintains an A+ BBB rating and has built trust through generations of Tennessee families.
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Mortgage Team
Churchill Mortgage
Churchill Mortgage has built an exceptional reputation throughout Tennessee with consistently outstanding customer reviews and a strong focus on personal service. Founded by industry veteran Mike Hardwick, this lender specializes in making the mortgage process understandable and stress-free for borrowers. They are particularly strong in VA and FHA lending, with dedicated experts who guide clients through every step. Their Memphis office actively serves the Gallaway area, and they're renowned for their educational approach - ensuring borrowers completely understand their loan options. Churchill maintains nearly perfect ratings across multiple review platforms.
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Mortgage Services
Orion Federal Credit Union
Orion Federal Credit Union brings the member-focused advantage of credit union lending to the Gallaway area with highly competitive rates and exceptional service. As one of Memphis's largest credit unions, they've built a sterling reputation for mortgage lending with personalized attention that larger banks often can't match. Their mortgage team receives consistent praise for responsiveness and going above-and-beyond for members. Orion offers special first-time homebuyer programs and community-focused lending initiatives that make homeownership accessible. Their not-for-profit structure often results in lower fees and better terms for qualified borrowers in the Gallaway region.
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Frequently Asked Questions
Common questions about mortgage lending in Gallaway, TN
Are there any special mortgage or down payment assistance programs for first-time homebuyers in Gallaway, TN?
Yes, Gallaway residents can access statewide Tennessee programs like the Great Choice Home Loan program, which offers competitive rates and down payment assistance. Additionally, buyers should check with local lenders about any Fayette County-specific initiatives or grants that may be available to help with closing costs in this rural community.
How does Gallaway's rural location impact the mortgage appraisal process compared to Memphis-area homes?
Appraisals in Gallaway can be more challenging due to fewer recent comparable home sales ("comps") in the immediate area. Appraisers often need to look at properties in a wider radius, including nearby towns like Moscow or Rossville, which can sometimes lead to valuation discrepancies. It's wise to work with a local lender familiar with the Fayette County market.
What are typical mortgage interest rates for homebuyers in Gallaway, TN?
Mortgage rates in Gallaway generally align with national averages but can vary slightly based on the lender's local market presence and the property's location. For well-qualified buyers, rates are often competitive, but securing quotes from both local community banks and larger regional lenders serving Fayette County is recommended for the best deal.
Are USDA Rural Development loans a common and good option for buying a home in Gallaway?
Absolutely. Given Gallaway's designation as a rural area, many properties qualify for USDA loans, which offer 100% financing (no down payment) to eligible buyers. This is a particularly attractive and popular option in Gallaway due to its income eligibility limits and the area's qualification for the USDA program, making homeownership more accessible.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Gallaway?
Fayette County property taxes are relatively moderate, but you should confirm the exact rate with the county assessor. For insurance, due to the rural setting, lenders will require a standard homeowner's policy. It's also advisable to consider additional coverage for septic systems or wells, which are common in Gallaway, as these are not typically covered by basic policies.
Why Choose a Mortgage Lender in Gallaway?
Local Market Knowledge
Lenders who understand Gallaway'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 Gallaway and get competitive rates on your home loan.