The Best Mortgage Lenders in Oakland, TN
Compare verified mortgage lenders serving Oakland, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Oakland
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender with a strong presence in the Memphis metropolitan area, including Oakland, TN. Known for its competitive rates and exceptional customer service, Fairway has built a reputation for reliability and community involvement. With over 28 years in business, they offer a wide range of loan products and have consistently high customer satisfaction ratings, making them a trusted choice for homebuyers in the region.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a highly regarded lender with a dedicated branch in Memphis that serves Oakland, TN. Founded in 2008, they emphasize fast closings and personalized service, earning high marks for customer satisfaction and competitive loan options. Their commitment to local communities and extensive experience in the mortgage industry make them a reliable choice for borrowers seeking flexible and efficient lending solutions.
Loan Types:
New American Funding
New American Funding
New American Funding is a reputable mortgage lender with a strong local presence in the Memphis area, including Oakland, TN. With over 21 years of experience, they are known for their diverse loan products and focus on serving diverse communities. They have consistently high customer ratings for their responsive service, competitive rates, and efforts to make homeownership accessible, solidifying their position as a top lender in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Oakland, TN
Are there any first-time homebuyer programs specifically for Oakland, TN?
While Oakland itself does not have a city-specific program, Tennessee offers the Great Choice Home Loan program, which is widely accessible to Oakland residents. This program provides competitive interest rates, down payment assistance, and flexible credit requirements. Many local lenders in the Fayette County area are approved to originate these loans, making them a practical first step for Oakland buyers.
How do property taxes in Fayette County impact my mortgage payments in Oakland?
Fayette County has relatively moderate property tax rates compared to the national average, which can help keep your total monthly mortgage payment more affordable. For a typical Oakland home, you can expect your lender to collect roughly 1-2 months of estimated county property taxes upfront for your escrow account. It's wise to get an exact quote during your home search, as rates can vary slightly between specific areas within the county.
What type of property insurance considerations are unique to Oakland, TN, that my mortgage lender will require?
Given Oakland's location in a more rural part of Fayette County, some properties may be on well and septic systems rather than municipal services. Your mortgage lender will typically require specific inspections for these systems to ensure they are functioning properly. Additionally, while not in a high-risk flood zone, it's still advisable to review flood maps for your specific property, as lenders may require flood insurance in certain low-lying areas.
How competitive is the mortgage lending environment in Oakland, and should I use a local lender?
The Oakland market is served by both local community banks/credit unions and larger national lenders. Using a local lender familiar with Fayette County can be advantageous for understanding appraisals in the area's unique mix of rural and suburban properties and for potentially faster processing. Rates are generally competitive, but it's especially important here to compare offers, as local institutions may have special programs for the community.
Are USDA loans a viable option for buying a home in Oakland, TN?
Yes, USDA Rural Development loans are an excellent and popular option for Oakland, as much of Fayette County is eligible for this $0-down-payment program. Many properties in and around Oakland qualify based on population density, allowing buyers to purchase with no down payment while securing competitive mortgage insurance rates. You should confirm a specific property's eligibility using the USDA's online eligibility map.
Why Choose a Mortgage Lender in Oakland?
Local Market Knowledge
Lenders who understand Oakland'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 Oakland and get competitive rates on your home loan.