The Best Mortgage Lenders in Jackson, TN
Compare verified mortgage lenders serving Jackson, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Jackson
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender known for its exceptional customer service, competitive rates, and extensive loan options. With over 28 years in business, they have a strong local presence in Jackson, offering personalized guidance and fast processing. Their high ratings reflect reliability, community involvement, and a commitment to making home financing accessible and straightforward for buyers in West Tennessee.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its efficient processing, transparency, and customer-focused approach. Serving Jackson from their Memphis office, they provide a wide range of mortgage products with competitive pricing. Founded in 2008, they have built a reputation for reliability and innovation, earning strong reviews for their responsive service and support throughout the homebuying process in the region.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a leading national lender with a robust presence in Tennessee, offering innovative technology and low rates that benefit Jackson homebuyers. Established in 2000, they combine digital efficiency with personalized service, ensuring a smooth mortgage experience. Their high customer satisfaction ratings stem from competitive offerings, expert advice, and a commitment to simplifying the lending process for clients across the state.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Jackson, TN
What are the current average mortgage rates in Jackson, TN, and how do they compare to national averages?
Mortgage rates in Jackson typically align closely with national averages, often being slightly lower due to Tennessee's overall lower cost of living. As of recent trends, you can expect rates to be competitive, but it's crucial to shop local lenders like those in the Jackson Financial District, as they may offer special promotions or have insights into regional credit unions with favorable terms for residents.
Are there any down payment assistance programs specifically for first-time homebuyers in Jackson?
Yes, the Tennessee Housing Development Agency (THDA) offers the Great Choice Home Loan program, which is widely used by Jackson homebuyers. This includes down payment assistance, competitive interest rates, and homebuyer education. Additionally, local lenders often have knowledge of city-specific grants or programs aimed at revitalizing certain Jackson neighborhoods, making homeownership more accessible.
How does Jackson's property tax rate affect my monthly mortgage payment, and are there any exemptions?
Jackson's property tax rate is set by Madison County and the City of Jackson, currently averaging around $2.96 per $100 of assessed value, which is moderate for West Tennessee. This tax is typically escrowed into your monthly payment. Homeowners may qualify for exemptions, such as the senior citizen or disabled veteran exemption, which can significantly reduce this burden; your lender or the Madison County Trustee's office can provide specific eligibility details.
What should I know about the appraisal process for a home in Jackson's diverse neighborhoods, from historic districts to newer subdivisions?
Appraisals in Jackson must account for varying neighborhood values, such as higher demand in areas near Union University or the historic East Jackson district. Appraisers familiar with the local market will compare similar properties within specific Jackson zip codes (e.g., 38305 vs. 38301) to ensure accurate valuation. This is important as rapid growth in some suburbs can outpace older city data, affecting loan approval amounts.
Are there special mortgage considerations for buying a home in a flood-prone area of Jackson, like near the Forked Deer River?
Yes, if your prospective home is in a FEMA-designated Special Flood Hazard Area (SFHA) in Jackson, your lender will require flood insurance as a condition of the mortgage. This is common in parts of North Jackson and near waterways. Be sure to factor this into your monthly budget, as it can add $500-$2,000 annually, depending on the property's elevation and flood risk.
Why Choose a Mortgage Lender in Jackson?
Local Market Knowledge
Lenders who understand Jackson'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 Jackson and get competitive rates on your home loan.