The Best Mortgage Lenders in Silver Point, TN
Compare verified mortgage lenders serving Silver Point, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Silver Point
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender with nearly three decades of experience, renowned for exceptional customer service, competitive rates, and a wide range of loan products. They have a strong local presence in Cookeville, just a short drive from Silver Point, and are praised for their personalized approach, efficient processing, and high customer satisfaction scores. Their team specializes in guiding homebuyers through the entire mortgage process with expertise and care.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its digital-first mortgage experience and rapid closing times, often completing loans in as little as 10 days. With over 15 years in business, they have a robust regional presence in Middle Tennessee, offering competitive rates and a comprehensive suite of loan options. Their commitment to community engagement and customer-centric service makes them a reliable choice for Silver Point residents seeking a smooth and efficient home financing process.
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loanDepot
loanDepot, LLC
loanDepot is a leading national lender known for its innovative technology, competitive rates, and strong customer satisfaction. Founded in 2010, they leverage a fully digital platform to simplify the mortgage process, making them accessible to homebuyers in Silver Point and across Tennessee. With thousands of positive reviews, they excel in providing flexible loan options and personalized support, ensuring a seamless experience from application to closing.
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Frequently Asked Questions
Common questions about mortgage lending in Silver Point, TN
What are the typical down payment requirements for homes in Silver Point, TN, given its rural setting?
For most conventional loans in Silver Point, a 20% down payment is standard to avoid private mortgage insurance (PMI). However, due to the area's more affordable housing market compared to larger cities, USDA loans are a popular option, offering 0% down payment for eligible borrowers in this designated rural area. FHA loans with 3.5% down are also commonly used, especially for first-time buyers.
Are there any local or state-specific first-time homebuyer programs that can help with purchasing a home in Silver Point?
Yes, the Tennessee Housing Development Agency (THDA) offers the Great Choice Home Loan program, which is widely used in Silver Point. This program provides competitive 30-year fixed-rate mortgages with down payment assistance, often in the form of a second mortgage grant that doesn't require monthly payments. Eligibility is based on income and the purchase price of the home, which aligns well with Putnam County's market.
How does the lack of a formal city government in Silver Point (it's an unincorporated community) affect the mortgage and closing process?
Since Silver Point is unincorporated and services are provided by Putnam County, your property taxes will be paid to the county, and utilities like water may come from a local utility district. This doesn't complicate the mortgage process, but it's crucial to confirm service providers and any specific district fees during your due diligence, as these can affect your monthly escrow calculations.
What should I know about property insurance requirements for a mortgage on a home near Center Hill Lake in Silver Point?
If your property is in a designated flood zone near Center Hill Lake or one of its creeks, your lender will require a separate flood insurance policy, which is mandatory for federally backed mortgages. Even if not in a high-risk zone, lenders may still recommend it. Additionally, due to the rural setting, ensuring your homeowner's insurance adequately covers well and septic systems, if present, is important for loan approval.
How do mortgage rates and lender availability in Silver Point compare to those in nearby Cookeville?
Mortgage rates are generally set on a national and state level, so you'll find similar rates. However, lender availability is more concentrated in Cookeville, with several local banks, credit unions, and national lenders having branches there. Many Silver Point residents work with lenders in Cookeville (about a 20-minute drive), but you can also efficiently work with online or regional lenders familiar with the Putnam County market.
Nearby Cities
Explore mortgage lenders in cities near Silver Point, TN
Why Choose a Mortgage Lender in Silver Point?
Local Market Knowledge
Lenders who understand Silver Point'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 Silver Point and get competitive rates on your home loan.