The Best Mortgage Lenders in Ten Mile, TN
Compare verified mortgage lenders serving Ten Mile, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Ten Mile
Featured Mortgage Lenders
Mortgage Solutions of Chattanooga
Mortgage Solutions of Chattanooga
Mortgage Solutions of Chattanooga is consistently rated as one of the top mortgage brokers in Southeast Tennessee, serving the Ten Mile area with exceptional personalized service. With over 15 years of experience, they specialize in first-time homebuyer programs, VA loans, and rural development loans that are particularly relevant for the Ten Mile community. Their team of local experts understands the specific needs of Meigs County and surrounding areas, offering competitive rates and streamlined processing. They've built their reputation on transparent communication and helping clients navigate complex mortgage scenarios with ease.
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Regions Mortgage
Regions Bank
As one of the largest regional banks serving Tennessee, Regions Mortgage has a strong presence throughout the Chattanooga area and serves clients in Ten Mile and Meigs County. With 25 years of mortgage lending experience, they offer a comprehensive range of loan products including specialized rural housing loans that benefit Ten Mile residents. Their local loan officers understand the Tennessee housing market and provide both in-person and digital mortgage services. Regions is known for competitive rates, reliable service, and maintaining long-term relationships with clients throughout the homeownership journey.
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Tennessee Valley Federal Credit Union
Tennessee Valley Federal Credit Union
Tennessee Valley FCU has been serving Southeast Tennessee communities for over 85 years, making them one of the most established and trusted mortgage lenders in the region. While based in Chattanooga, they actively serve members throughout Meigs County and the Ten Mile area. As a credit union, they offer highly competitive rates and lower fees than many traditional banks, with a strong focus on member service and community support. Their mortgage specialists are particularly skilled with first-time homebuyer programs and offer personalized guidance through every step of the home financing process.
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Frequently Asked Questions
Common questions about mortgage lending in Ten Mile, TN
What are typical mortgage rates for homebuyers in Ten Mile, TN, and how do they compare to state averages?
Mortgage rates in Ten Mile generally align with national and Tennessee state averages, but can be influenced by local lender competition and property types common to Roane County. As of recent trends, rates for a 30-year fixed mortgage often range within a quarter-point of the state average. It's advisable to compare offers from local credit unions, like ORNL Federal Credit Union, which have a strong presence in the area and may offer competitive terms.
Are there any down payment assistance programs specifically for buyers in Ten Mile or Roane County?
Yes, homebuyers in Ten Mile can access the Great Choice Plus program, a statewide Tennessee Housing Development Agency (THDA) initiative that offers down payment assistance in the form of a second mortgage forgivable loan. Additionally, Roane County may have local grants or programs; checking with the Roane County Economic Development Foundation or a local THDA-approved lender is the best way to explore all available options for this specific area.
How does the appraisal process work for a home in a rural area like Ten Mile, and what unique challenges might arise?
Appraisals in Ten Mile's rural setting can be more complex due to fewer comparable home sales ("comps") and the need to assess well and septic systems instead of municipal utilities. Appraisers may need to look at properties in a wider geographic area, which can sometimes lead to valuation challenges. It's important to work with a lender experienced in rural properties who can ensure the appraiser is familiar with the local market nuances of Roane County.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Ten Mile?
Property taxes in Roane County, which includes Ten Mile, are relatively moderate compared to urban areas in Tennessee. Your annual tax rate will be based on the county's assessed value. For insurance, due to the rural and wooded landscape, lenders will require coverage that includes protection against hazards like windstorms or falling trees, and if your home is outside the fire hydrant zone, you may see a slightly higher premium for fire protection.
As a first-time homebuyer in Ten Mile, what local lender resources or homebuyer education courses are recommended?
The Tennessee Housing Development Agency (THDA) requires first-time homebuyers using its programs to complete an approved homebuyer education course, which is highly recommended for anyone. Local lenders, such as those at ORNL Federal Credit Union or Home Federal Bank, often provide personalized counseling and can guide you through this process. They are also well-versed in the types of homes and land common in the Ten Mile area, offering practical advice for your purchase.
Why Choose a Mortgage Lender in Ten Mile?
Local Market Knowledge
Lenders who understand Ten Mile'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 Ten Mile and get competitive rates on your home loan.