The Best Mortgage Lenders in Powell, TN
Compare verified mortgage lenders serving Powell, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Powell
Featured Mortgage Lenders
Mortgage Investors Group
Mortgage Investors Group
Mortgage Investors Group is one of the most highly-rated and established mortgage lenders in East Tennessee, serving Powell and the greater Knoxville area for over 30 years. As a local company founded in Knoxville, they have deep community roots and specialize in Tennessee-specific mortgage programs. They consistently receive exceptional customer reviews for their personalized service, competitive rates, and expertise with VA loans (being one of the largest VA lenders in the region). Their team includes local mortgage experts who understand the Powell real estate market specifically, and they offer a comprehensive range of loan products with streamlined digital processing alongside personal guidance.
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ORNL Federal Credit Union
ORNL Federal Credit Union
ORNL Federal Credit Union is one of East Tennessee's most trusted financial institutions with a strong presence serving Powell residents. While founded in 1948, their mortgage division has been serving members for decades with exceptional customer satisfaction ratings. They offer highly competitive rates to members, personalized mortgage counseling, and local underwriting decisions. Their mortgage specialists have extensive experience with the Powell and Knox County markets, and they provide special first-time homebuyer programs and construction loans tailored to the area. As a member-owned credit union, they prioritize customer service over profits, resulting in consistently high satisfaction ratings.
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Guild Mortgage Company
Guild Mortgage Company - Knoxville Branch
Guild Mortgage has a strong local presence in Knoxville that actively serves Powell homebuyers with national resources and local expertise. With over 60 years in business nationwide, their Knoxville branch has established itself as a top-rated mortgage lender in the area. They are particularly noted for their innovative loan programs, including down payment assistance options that benefit Powell homebuyers, and their exceptional customer service throughout the loan process. Guild receives high marks for their communication, efficiency, and ability to handle complex mortgage scenarios. Their local loan officers have extensive knowledge of the Powell market and maintain strong relationships with local real estate professionals.
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Frequently Asked Questions
Common questions about mortgage lending in Powell, TN
What are the current mortgage rates like in Powell, TN, and how do they compare to the national average?
Mortgage rates in Powell typically align closely with national averages, but local competition among lenders in the Knoxville area can sometimes lead to slightly more favorable terms. As of recent trends, rates for a 30-year fixed mortgage in Powell are competitive, but it's crucial to shop around with both local credit unions, like ORNL Federal Credit Union, and national lenders to find the best deal for your specific financial situation.
Are there any down payment assistance programs specifically for first-time homebuyers in Powell?
Yes, Powell homebuyers can access the Great Choice Home Loan program offered by the Tennessee Housing Development Agency (THDA). This statewide program provides competitive interest rates and down payment assistance for eligible first-time buyers, which can be a significant help in Powell's growing market. Additionally, the Knoxville Area Urban League may offer local counseling and assistance programs for qualifying individuals.
How does the appraisal process work in Powell, given its mix of established neighborhoods and newer developments?
Appraisals in Powell require appraisers familiar with the local market dynamics, where older homes on larger lots in established areas like Emory Road contrast with newer subdivisions. They will heavily rely on recent comparable sales ("comps") from Powell and immediate surrounding areas to ensure an accurate valuation, as values can vary significantly between different parts of the community.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Powell?
Your mortgage payment will include an escrow for property taxes, which in Powell are Knox County taxes. Rates are currently approximately $2.36 per $100 of assessed value. Homeowners insurance is also required and can be influenced by factors like the age of the home and proximity to rural areas, so it's wise to get several local quotes to estimate this cost accurately.
Are USDA Rural Development loans a viable option for homes in Powell, TN?
Yes, a significant portion of Powell is eligible for USDA Rural Development loans, which offer 100% financing with no down payment. This is a popular and advantageous option for many buyers in the area, as Powell maintains a designated rural character despite its proximity to Knoxville. You can check the specific eligibility of an address on the USDA website to confirm.
Why Choose a Mortgage Lender in Powell?
Local Market Knowledge
Lenders who understand Powell'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 Powell and get competitive rates on your home loan.