The Best Mortgage Lenders in Savannah, TN
Compare verified mortgage lenders serving Savannah, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Savannah
Featured Mortgage Lenders
First South Credit Union
First South Credit Union
First South Credit Union stands as the premier local mortgage lender in Savannah with deep community roots spanning over seven decades. As a member-owned financial cooperative, they consistently earn exceptional customer satisfaction ratings for their personalized service and competitive rates. Their mortgage specialists live and work in the Savannah community, providing tailored guidance through every step of the home financing process. First South offers a comprehensive range of mortgage products with particular expertise in USDA rural development loans that benefit many Hardin County homebuyers. Their local decision-making authority and community-focused approach make them the top choice for Savannah residents seeking mortgage solutions.
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First Horizon Bank
First Horizon Bank
First Horizon Bank maintains a strong physical presence in Savannah with their local branch and brings over a century and a half of banking expertise to the community. As one of Tennessee's oldest and most established financial institutions, they offer robust mortgage lending services with the convenience of local underwriting support. Their mortgage specialists provide competitive rate options and exceptional customer service, earning high marks for transparency and reliability throughout the loan process. First Horizon's deep Tennessee roots and understanding of local market conditions make them a trusted choice for Savannah homebuyers seeking both traditional and specialized mortgage products with the backing of a regional banking leader.
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Mortgage Investors Group
Mortgage Investors Group
Mortgage Investors Group represents one of Tennessee's highest-rated mortgage brokerage firms with extensive experience serving the Savannah market. With three decades of specialized mortgage lending expertise, MIG has built an outstanding reputation for competitive rates, efficient processing, and exceptional customer service. Their team of licensed mortgage professionals provides comprehensive guidance through the entire home financing journey, offering a wide array of loan products to meet diverse needs. While headquartered in East Tennessee, MIG maintains strong statewide operations and consistently receives top marks from Savannah-area borrowers for their responsive communication, streamlined digital processes, and ability to secure favorable terms for clients across Hardin County.
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Frequently Asked Questions
Common questions about mortgage lending in Savannah, TN
What are the typical down payment requirements for homes in Savannah, TN, given the local market?
In Savannah's relatively affordable market, many conventional loans require a 5-10% down payment. However, for eligible buyers, USDA loans are a popular option in Hardin County, offering 100% financing with no down payment, which is ideal for the area's rural designation. Local lenders are also familiar with FHA loans, which require as little as 3.5% down.
Are there any first-time homebuyer assistance programs specific to Savannah or Hardin County?
Yes, the Tennessee Housing Development Agency (THDA) offers the Great Choice Home Loan program, which is widely used in Savannah. This program provides competitive interest rates and down payment assistance in the form of a second mortgage grant, which can be particularly helpful for buyers in Savannah's starter home market. Local lenders can guide you through the THDA eligibility and homebuyer education requirements.
How does the appraisal process work for a home in a rural area like Savannah, TN, and are there challenges?
Appraisals in Savannah and surrounding Hardin County can sometimes take longer due to the need for appraisers familiar with rural properties and comparable sales that may be farther apart. Unique properties, like those with significant acreage, require specialized appraisal expertise. Working with a local lender who has a strong network of appraisers in West Tennessee is crucial to avoid delays.
What type of property insurance considerations are unique to getting a mortgage in Savannah, TN?
Due to Savannah's proximity to the Tennessee River and its location in a floodplain, lenders will often require a separate flood insurance policy in addition to standard homeowners insurance. This is a mandatory condition for the mortgage in many neighborhoods. Your lender will order a Flood Zone Determination to confirm if your prospective home is in a Special Flood Hazard Area (SFHA).
Are mortgage rates in Savannah, TN, typically higher or lower than the national average?
Mortgage rates in Savannah generally align with national averages, as they are set by broader economic forces. However, your specific rate will depend heavily on your credit profile, loan type, and down payment. Local community banks and credit unions in Savannah may sometimes offer very competitive rates or relationship discounts, so it's wise to shop around with both local and national lenders.
Why Choose a Mortgage Lender in Savannah?
Local Market Knowledge
Lenders who understand Savannah'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 Savannah and get competitive rates on your home loan.