The Best Mortgage Lenders in Summertown, TN
Compare verified mortgage lenders serving Summertown, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Summertown
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender with a strong local presence in Columbia, just a short drive from Summertown. They are renowned for their exceptional customer service, competitive rates, and personalized approach to mortgage lending. With over 28 years of experience, they offer a wide range of loan products and have consistently high satisfaction ratings for their guidance through the home buying process, making them a trusted choice for Summertown residents.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its efficient loan processing and commitment to community service, with a significant presence in Middle Tennessee that includes Summertown. They boast fast closing times and a customer-centric approach, supported by strong ratings for transparency and support. Their experience and dedication to serving rural areas make them a reliable option for homebuyers seeking flexible mortgage solutions.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate combines digital innovation with local expertise from their Nashville office, offering competitive rates and a streamlined application process that serves Summertown effectively. With over two decades of experience, they are known for their extensive loan options and high customer satisfaction, particularly for first-time homebuyers and refinancing. Their strong reputation and accessibility make them a top contender in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Summertown, TN
Are there any special mortgage programs for first-time homebuyers in Summertown, TN?
Yes, the Tennessee Housing Development Agency (THDA) offers the Great Choice Home Loan program, which is widely used in Summertown. This program provides competitive interest rates, down payment assistance, and flexible credit guidelines, making it an excellent option for first-time buyers in the area. Local lenders are very familiar with this program and can guide you through the application process.
How do property taxes in Summertown, TN, affect my monthly mortgage payment?
Property taxes in Summertown and the surrounding Maury County are relatively moderate compared to larger Tennessee cities, which helps keep escrow payments affordable. For 2024, the county tax rate is $2.46 per $100 of assessed value. Your lender will calculate this into your monthly payment, and it's wise to budget for potential slight increases as property values in the area continue to rise steadily.
What is the typical down payment required for a mortgage on a rural property near Summertown?
For many rural properties in the Summertown area, you may qualify for a USDA Rural Development loan, which requires **0% down payment**. This program is specifically designed for eligible rural areas like Summertown. For conventional loans on non-qualifying properties, a typical down payment ranges from 3% to 20%, depending on the loan type and your qualifications.
How does Summertown's unique seller-financing market impact traditional mortgage lending?
Summertown has a notable history of seller-financed land sales due to its communal heritage (The Farm). While this is an alternative, traditional mortgage lending is fully available and often necessary for improved properties. It's important to work with a local lender who understands this dynamic and can ensure the property meets standard appraisal and titling requirements for a conventional mortgage.
Are mortgage rates in Summertown, TN, different from the national average?
Mortgage rates in Summertown generally align with national averages, as they are set by larger market forces. However, your final rate is personalized based on credit, loan type, and down payment. Working with a local credit union or community bank in Maury County can sometimes provide access to special promotional rates or relationship discounts not advertised nationally.
Nearby Cities
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Why Choose a Mortgage Lender in Summertown?
Local Market Knowledge
Lenders who understand Summertown'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 Summertown and get competitive rates on your home loan.