The Best Mortgage Lenders in Union City, TN
Compare verified mortgage lenders serving Union City, Tennessee. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Union City
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender renowned for its competitive rates, exceptional customer service, and extensive loan options. With over 28 years of experience, they have a strong regional presence in West Tennessee, including Union City, and are praised for their efficient processing and personalized approach to mortgage lending. Their high customer satisfaction ratings and A+ BBB accreditation make them a trusted choice for homebuyers.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly-regarded mortgage lender known for its digital-first approach, competitive rates, and excellent customer service. Founded in 2000, they have built a strong reputation in Tennessee, serving Union City with a wide range of loan products and a commitment to transparency. Their high ratings and numerous industry awards reflect their reliability and customer-focused solutions.
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New American Funding
New American Funding
New American Funding is a respected mortgage lender with over 21 years of experience, offering diverse loan options and personalized service. They are known for their competitive rates, strong community involvement, and high customer satisfaction in serving Union City and across Tennessee. Their focus on inclusivity and innovative lending solutions has earned them consistent positive reviews and industry recognition.
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Frequently Asked Questions
Common questions about mortgage lending in Union City, TN
Are there any local down payment assistance programs available for homebuyers in Union City, TN?
Yes, Union City and Obion County homebuyers can access the Tennessee Housing Development Agency (THDA) Great Choice Home Loan program, which offers competitive interest rates and down payment assistance in the form of a second mortgage grant. Additionally, the USDA Rural Development loan is a popular zero-down-payment option for eligible properties in and around Union City, as the area qualifies as rural under USDA guidelines.
How does Union City's relatively affordable housing market affect mortgage lending and requirements?
With a median home price significantly below the national average, lenders in Union City often work with more manageable loan amounts. This can make qualifying easier for debt-to-income ratios, and it may allow for the use of conventional loans with lower down payments (as low as 3%) more frequently than in high-cost areas. However, appraisals remain critical to ensure the home's value supports the loan in this stable but modest market.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Union City?
Your mortgage payment will include an escrow for Obion County property taxes, which are relatively low compared to national averages, and homeowner's insurance. It's important to note that due to Union City's location, some lenders may require a separate flood insurance policy if the property is in a designated flood zone, which can be common in parts of West Tennessee. Your lender will help you determine this during the appraisal process.
Are there specific lenders or credit unions in Union City that offer special mortgage programs for local residents?
Yes, local institutions like First Citizens National Bank and Commercial Bank & Trust Company, which have deep roots in the community, often offer personalized service and may have portfolio loan products with flexible guidelines for well-qualified local buyers. They frequently have strong relationships with local realtors and appraisers, which can streamline the mortgage process for Union City properties.
As a first-time homebuyer in Union City, what is the most important local factor I should consider when getting pre-approved for a mortgage?
The most important local factor is ensuring your income and employment are stable and verifiable within the regional economy, which includes manufacturing, agriculture, and healthcare. Lenders will closely scrutinize this, as the local job market can be specialized. Also, immediately explore the THDA's homebuyer education requirement, which is mandatory for their assistance programs and is a valuable resource for navigating the Union City market.
Why Choose a Mortgage Lender in Union City?
Local Market Knowledge
Lenders who understand Union City'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 Union City and get competitive rates on your home loan.