The Best Mortgage Lenders in Monteagle, TN
Compare verified mortgage lenders serving Monteagle, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Monteagle
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender known for its exceptional customer service and competitive rates. With over 28 years in business, they have a strong presence in Tennessee and serve Monteagle through their Chattanooga branch. They are highly regarded for their wide range of loan options, including specialized programs for first-time homebuyers and veterans, and have consistently high ratings for transparency and reliability in the mortgage process.
Loan Types:
Movement Mortgage
Movement Mortgage
Movement Mortgage is a highly-rated lender praised for its fast closing times and personalized service. Founded in 2008, they have built a reputation for efficiency and community involvement, with a local Chattanooga office that actively serves the Monteagle area. Their loan officers are known for guiding clients through every step, offering competitive rates on various loan types, and maintaining high customer satisfaction scores.
Loan Types:
New American Funding
New American Funding
New American Funding is a reputable lender with over two decades of experience, offering a diverse portfolio of loan products tailored to meet the needs of Monteagle residents. Their Brentwood branch provides accessible service to the region, and they are recognized for their commitment to diversity and inclusion, as well as competitive rates. They excel in customer service, with numerous reviews highlighting their responsiveness and expertise in handling complex mortgage scenarios.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Monteagle, TN
Are mortgage rates in Monteagle, TN, typically higher than the national average?
Mortgage rates in Monteagle are generally aligned with national averages, as they are set by broader economic factors. However, local lenders familiar with the Grundy County market may offer competitive terms. It's wise to compare offers from both local community banks and larger institutions to secure the best rate for your specific financial profile.
What local down payment assistance programs are available for first-time homebuyers in Monteagle?
Monteagle and Grundy County homebuyers can access the Great Choice Plus program from the Tennessee Housing Development Agency (THDA). This offers down payment assistance in the form of a second, forgivable loan. Additionally, local lenders often have knowledge of specific grants or programs tailored for rural areas like ours, which can be combined with THDA benefits.
How does Monteagle's status as a rural area affect my mortgage options?
Monteagle's rural designation makes many properties eligible for USDA Rural Development loans, which offer 100% financing with no down payment required. This is a significant advantage for qualifying buyers. It's important to have your chosen property checked for USDA eligibility, as specific location criteria apply even within the town.
What should I know about property taxes and insurance when calculating my mortgage payment in Monteagle?
Grundy County property taxes are relatively low compared to urban areas in Tennessee, which helps keep overall monthly payments affordable. However, due to the mountainous terrain and older housing stock, you may find homeowner's insurance premiums slightly higher than average. Your lender will help you accurately estimate these escrow items during the pre-approval process.
Are there special considerations for getting a mortgage on a vacation or second home in Monteagle?
Yes, as Monteagle is a popular mountain getaway, lenders will have stricter requirements for second homes, including higher credit score minimums and larger down payments (often 10-20%). You'll also need to demonstrate the financial ability to carry both your primary and secondary mortgage payments. Renting out the property short-term may further complicate loan eligibility, so be upfront with your lender about your plans.
Why Choose a Mortgage Lender in Monteagle?
Local Market Knowledge
Lenders who understand Monteagle'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 Monteagle and get competitive rates on your home loan.