The Best Mortgage Lenders in Oakfield, TN
Compare verified mortgage lenders serving Oakfield, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Oakfield
Featured Mortgage Lenders
Mortgage Investors Group
Mortgage Investors Group
Mortgage Investors Group is one of the highest-rated regional mortgage lenders serving West Tennessee, including the Oakfield area. With over 30 years of experience and exceptional 4.8-star ratings across multiple review platforms, MIG has built a strong reputation for competitive rates and personalized service. They specialize in government-backed loans including VA and USDA loans, which are particularly relevant for rural areas like Oakfield. Their local loan officers understand the Tennessee housing market and provide dedicated support throughout the entire mortgage process.
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First Horizon Bank
First Horizon Bank
As one of Tennessee's oldest and most established financial institutions, First Horizon Bank has deep roots throughout the state and serves the Oakfield area with comprehensive mortgage services. With a 4.6-star rating and extensive branch network across West Tennessee, they offer the convenience of local banking combined with competitive mortgage products. Their long-standing presence in the community provides stability and trust, while their digital mortgage platform ensures modern, efficient service. First Horizon is particularly strong for customers who prefer working with a full-service bank.
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Churchill Mortgage
Churchill Mortgage Corporation
Churchill Mortgage has earned an excellent 4.7-star rating and strong reputation across Tennessee, serving the Oakfield area with comprehensive mortgage solutions. Founded in 1992, they bring three decades of experience with a focus on educating homebuyers and providing transparent lending processes. Their team specializes in both conventional and government-backed loans, with particular expertise in rural properties common in the Oakfield region. Churchill is known for their commitment to customer service and has consistently high satisfaction ratings from Tennessee homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Oakfield, TN
Are there any special down payment assistance programs for first-time homebuyers in Oakfield, TN?
Yes, Oakfield homebuyers can access the statewide Tennessee Housing Development Agency (THDA) Great Choice Home Loan program, which offers competitive interest rates and down payment assistance in the form of a second mortgage grant. Additionally, local lenders may have relationships with regional or county-specific programs designed to help buyers in the Fayette County area, so it's important to ask your mortgage officer about all local options.
How do property taxes in Fayette County affect my monthly mortgage payment in Oakfield?
Fayette County has a relatively low property tax rate compared to the national average, which can help keep your total monthly mortgage payment (PITI) more affordable. For the 2023 tax year, the combined rate for Oakfield is approximately $2.46 per $100 of assessed value. Your lender will use this rate to calculate an accurate escrow payment, but it's wise to confirm the exact assessment on any property you're considering.
What type of property appraisal challenges are common for Oakfield's more rural properties?
Appraisals for homes on larger lots or with agricultural elements in the Oakfield area can sometimes be challenging due to a lack of recent, comparable sales ("comps"). Lenders may require appraisers with specific experience in rural Fayette County properties. To avoid delays, work with a local lender familiar with the market who can ensure the appraiser has the right expertise.
Are USDA Rural Development loans a viable option for mortgages in Oakfield, TN?
Absolutely. Oakfield is located in an area that is generally eligible for USDA loans, which offer 100% financing with no down payment. This is a popular and advantageous program for the area, given its semi-rural character. You should confirm the specific property's eligibility through the USDA website, as some newer subdivisions on the town's edges may have different eligibility statuses.
How does Oakfield's proximity to Memphis influence mortgage lending and insurance requirements?
While Oakfield offers a quieter lifestyle, its location within the Memphis Metropolitan Statistical Area (MSA) can influence certain loan limits and insurance considerations. For instance, it may fall under higher FHA and conventional loan limits set for the Memphis MSA. Furthermore, lenders may require specific wind/hail insurance endorsements on policies due to the regional storm risk, which can affect your closing costs and monthly escrow.
Why Choose a Mortgage Lender in Oakfield?
Local Market Knowledge
Lenders who understand Oakfield'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 Oakfield and get competitive rates on your home loan.