The Best Mortgage Lenders in Monterey, TN
Compare verified mortgage lenders serving Monterey, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Monterey
Featured Mortgage Lenders
Scott Bouldin
Fairway Independent Mortgage Corporation
Scott Bouldin with Fairway Independent Mortgage is one of the highest-rated mortgage professionals serving the Monterey and Upper Cumberland region. With over 15 years of experience and exceptional customer reviews, he specializes in first-time homebuyer programs, VA loans, and conventional financing. Fairway Independent Mortgage has been in business since 1996 and maintains an A+ BBB rating. Their local Cookeville office provides personalized service with competitive rates, making them a top choice for Monterey area residents seeking reliable mortgage solutions.
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Jason Hargis
Movement Mortgage
Jason Hargis with Movement Mortgage serves the Monterey and Cookeville areas with exceptional mortgage services and outstanding customer satisfaction ratings. Movement Mortgage, founded in 2008, has built a strong reputation for efficient processing and competitive rates. Jason specializes in helping buyers throughout Putnam County and surrounding areas with various loan programs including USDA rural development loans which are particularly relevant for the Monterey area. The company's local presence and commitment to community involvement make them a trusted choice for mortgage lending.
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Cumberland Mortgage Company
Cumberland Mortgage Company
Cumberland Mortgage Company has been serving the Upper Cumberland region including Monterey since 2004, providing comprehensive mortgage services with a focus on personal attention and local expertise. As a locally-owned and operated mortgage lender, they understand the specific needs of the Monterey community and surrounding rural areas. They offer competitive rates on all major loan types with particular strength in USDA loans, which are ideal for the Monterey area. Their long-standing presence in the community and high customer satisfaction ratings make them a reliable choice for home financing.
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Frequently Asked Questions
Common questions about mortgage lending in Monterey, TN
What are the current mortgage rates like in Monterey, TN, and how do they compare to state averages?
Mortgage rates in Monterey typically align closely with national and Tennessee averages, as it's a smaller market without significant local deviation. However, working with a local lender familiar with the Upper Cumberland region can sometimes provide access to competitive credit union or community bank rates. As of recent trends, rates in Monterey are generally favorable for buyers considering the area's lower median home prices compared to larger Tennessee cities.
Are there any down payment assistance or first-time homebuyer programs specifically for Monterey residents?
Yes, Monterey homebuyers can utilize the statewide Tennessee Housing Development Agency (THDA) Great Choice Home Loan program, which offers competitive rates and down payment assistance. Additionally, local lenders may have relationships with regional programs or credit unions serving Putnam and Cumberland counties. It's advisable to consult with a mortgage officer who is well-versed in these statewide programs to determine your eligibility.
How does the appraisal process work in Monterey given its mix of town properties and more rural land?
Appraisals in Monterey require appraisers familiar with the diverse property types, from homes in town to acreage with wells and septic systems outside city limits. Comparable sales ("comps") can be more challenging to find for rural properties, potentially affecting valuation timelines. Using a local lender who works with appraisers from Cookeville or Crossville who understand the local market nuances is crucial for a smooth process.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Monterey?
Property taxes in Monterey and Putnam County are relatively low compared to national averages, which helps with overall affordability. However, if your property is outside city limits in a more rural area, you may need a separate septic system inspection and potentially a different type of homeowners insurance policy that accounts for the distance from fire hydrants and stations. Your lender can help you estimate these escrow items accurately.
Are USDA Rural Development loans a common option for homes in the Monterey area?
Absolutely. A significant portion of the land around Monterey is eligible for USDA Rural Development loans, which offer 100% financing (no down payment). This is a highly popular and practical option for buyers looking at properties just outside the town limits. A local mortgage lender can quickly determine if a specific property address qualifies for this advantageous program.
Why Choose a Mortgage Lender in Monterey?
Local Market Knowledge
Lenders who understand Monterey'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 Monterey and get competitive rates on your home loan.