The Best Mortgage Lenders in Madison, TN
Compare verified mortgage lenders serving Madison, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Madison
Featured Mortgage Lenders
Renasant Bank Mortgage
Renasant Bank
Renasant Bank has been serving Middle Tennessee communities for over a century and maintains a strong presence throughout the Nashville metro area including Madison. As a regional bank with deep local roots, they offer personalized mortgage services with competitive rates and exceptional customer satisfaction. Their mortgage team specializes in first-time homebuyer programs and offers comprehensive guidance through the entire loan process. With numerous local branches and dedicated mortgage professionals, they provide the convenience of local underwriting and decision-making combined with the resources of an established financial institution.
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Dave Ramsey's Churchill Mortgage
Churchill Mortgage
Churchill Mortgage, founded by financial expert Dave Ramsey, has built an outstanding reputation throughout Tennessee with their commitment to debt-free home financing principles. Located in nearby Brentwood, they actively serve the Madison area with a focus on 15-year fixed-rate mortgages and conservative lending practices. They are particularly praised for their educational approach, transparent process, and exceptional customer service. With thousands of successful mortgages funded across Middle Tennessee, they offer both local expertise and national resources while maintaining the personal touch of a boutique lender.
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Ascend Federal Credit Union Mortgage
Ascend Federal Credit Union
Ascend Federal Credit Union, while headquartered in Tullahoma, has a strong presence throughout Middle Tennessee including dedicated service to Madison residents. As one of Tennessee's largest credit unions, they offer highly competitive mortgage rates and lower fees typical of member-owned institutions. Their mortgage specialists are known for providing personalized guidance and flexible loan options tailored to individual financial situations. With multiple branches in the greater Nashville area and robust digital banking services, they combine the benefits of local decision-making with comprehensive mortgage products and exceptional member satisfaction ratings.
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Frequently Asked Questions
Common questions about mortgage lending in Madison, TN
What are the current mortgage rates like in Madison, TN compared to the national average?
Mortgage rates in Madison typically align closely with national averages, but local competition among lenders in the greater Nashville area can sometimes lead to slightly more favorable terms. It's wise to compare offers from local credit unions, regional banks, and national lenders, as Madison's strong housing demand can influence lender pricing strategies. Rates can also vary based on the specific neighborhood and property type within Madison.
Are there any down payment assistance programs specifically for Madison, TN homebuyers?
Yes, Madison homebuyers can access the **Great Choice Home Loan** program through the Tennessee Housing Development Agency (THDA). This statewide program offers competitive interest rates and down payment assistance in the form of a second mortgage, which can be particularly helpful in Madison's market. Additionally, some local lenders may have specific partnerships or grants for first-time buyers in Davidson County.
How does Madison's location within Davidson County affect property taxes and mortgage escrow?
Being part of Davidson County means your property taxes will be based on the combined county and Metro Nashville rates. Madison's 2023 tax rate is $3.288 per $100 of assessed value. When calculating your mortgage payment, lenders will escrow for these taxes, and it's important to note that Davidson County property values have been rising, which can lead to annual escrow increases. A local lender can provide precise estimates for your target neighborhood.
What should I know about flood zones when getting a mortgage for a home in Madison, TN?
Due to its proximity to the Cumberland River and nearby creeks, some areas in Madison, particularly those closer to Old Hickory Boulevard and the riverbanks, are in designated flood zones. Your mortgage lender will require a flood certification, and if the property is in a high-risk zone, mandatory flood insurance will be added to your monthly costs. Always check the FEMA Flood Map for the specific property before finalizing your offer.
Are USDA rural housing loans available for homes in Madison, Tennessee?
While most of Madison is considered suburban and part of the Nashville urban area, some properties on the northern and eastern fringes of Madison may still qualify for a USDA Rural Development loan, which offers 100% financing. Eligibility is determined by specific property addresses through the USDA eligibility map. A local mortgage officer familiar with the area can quickly verify if a home you're interested in qualifies for this zero-down-payment program.
Why Choose a Mortgage Lender in Madison?
Local Market Knowledge
Lenders who understand Madison'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 Madison and get competitive rates on your home loan.