The Best Mortgage Lenders in Memphis, TN
Compare verified mortgage lenders serving Memphis, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Memphis
Featured Mortgage Lenders
First Horizon Bank Mortgage
First Horizon Bank
As a Memphis-based financial institution with deep roots in the community, First Horizon Bank offers exceptional local mortgage expertise combined with the stability of a long-established regional bank. Their mortgage team provides personalized service with competitive rates and deep knowledge of the Memphis real estate market. Customers consistently praise their efficient processing, local underwriting, and commitment to making homeownership accessible throughout Shelby County and the greater Memphis area.
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Churchill Mortgage - Memphis
Churchill Mortgage Corporation
Churchill Mortgage's Memphis branch has built an outstanding reputation for providing exceptional customer service and expert mortgage guidance. As a direct lender with local decision-making authority, they offer competitive rates and streamlined processes. Specializing in both purchase and refinance loans, their team excels at helping first-time homebuyers navigate the mortgage process while maintaining strong relationships with local real estate professionals throughout the Memphis metropolitan area.
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Movement Mortgage - Memphis
Movement Mortgage, LLC
Movement Mortgage has established a strong presence in Memphis with their innovative mortgage solutions and commitment to rapid closing times. Known for their "Make A Movement" philanthropic initiatives in local communities, they combine national lending power with personalized local service. Their Memphis team receives consistently high marks for responsiveness, digital mortgage experience, and expertise with various loan programs, particularly serving military families with VA loans and first-time buyers with FHA options.
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Frequently Asked Questions
Common questions about mortgage lending in Memphis, TN
Are there any special down payment assistance programs for first-time homebuyers in Memphis?
Yes, the City of Memphis offers the "Empowerment Down Payment Assistance Program," which provides up to $10,000 in forgivable grants for eligible first-time homebuyers purchasing within city limits. Additionally, the Tennessee Housing Development Agency (THDA) offers the Great Choice Plus program, which provides down payment assistance statewide, including Memphis, often in the form of a second mortgage with a low interest rate.
How does Memphis's property tax rate affect my monthly mortgage payment?
Memphis has a combined city and county property tax rate that is relatively high for Tennessee, currently around $7.47 per $100 of assessed value. This means your escrow payment for taxes will be a significant portion of your total monthly mortgage payment. It's crucial to factor this into your budget, as a home with the same sale price in a neighboring suburb may have a notably lower monthly payment due to lower tax rates.
What are typical mortgage rates offered by local lenders in Memphis compared to national averages?
Mortgage rates in Memphis generally align with national averages, but local credit unions like Orion Federal Credit Union or First Horizon Bank often offer competitive rates and special programs for Tennessee residents. It's wise to get quotes from both local and national lenders, as local institutions may have more flexibility with underwriting for properties in specific Memphis neighborhoods.
Are there specific loan considerations for buying a historic home in neighborhoods like Central Gardens or Evergreen?
Yes, purchasing a historic home in Memphis may require a specialized renovation loan, such as an FHA 203(k) or a conventional HomeStyle loan, to finance both purchase and approved repairs. Additionally, some historic districts have design review guidelines, so ensure any planned renovations are permissible. A lender familiar with Memphis's historic properties can guide you through this process.
Does Memphis's higher-than-average insurance cost impact mortgage qualification?
Yes, due to factors like older housing stock and weather risks, homeowners insurance premiums in Memphis can be higher than the national average. Lenders will use this estimated insurance cost when calculating your debt-to-income ratio (DTI) for loan approval. It's advisable to get insurance quotes early in the home-buying process to ensure the total monthly payment remains within your qualifying limits.
Why Choose a Mortgage Lender in Memphis?
Local Market Knowledge
Lenders who understand Memphis'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 Memphis and get competitive rates on your home loan.