Nashville, Tennessee is home to some of the most iconic country singers and music venues in the world. The Music City is also known for its beautiful historic sites, delicious Southern cuisine restaurants, and even a few major professional sports teams thrown into the mix to add a little extra fun and flavor. Why wouldn’t you want to settle down and buy a home here in this incredible city?
While home prices in Nashville are starting to rise, finding a home loan expert in Nashville will make the home-buying process much easier–as will knowing all you need to know about Nashville mortgage companies and home loans.
Buying a Home in Nashville
The decision to buy a house isn’t one that you should dive into without doing a bit of research first, especially if you’re a first-time homebuyer. Choosing the right Nashville mortgage and home loans company helps make the process less stressful–and more affordable.
Nashville Real Estate
As the demand for housing units continues to rise, home prices in Nashville have increased by up to 31.0% over the past year. On average, homes in Nashville are listed on the market for 26 days, according to Greater Nashville Realtors. Nashville is one of the hottest housing markets in 2022 and, according to Redfin, the median price for a home in Nashville is $465,000.
When compared to nearby cities in Tennessee like Memphis and Knoxville, Nashville has a higher median listing price. The median price for homes in Knoxville is $311,000. Similarly, the median price of homes in Memphis is only $192,900, making it a fairly affordable city for both seasoned and first-time homebuyers.
As a result of its growing job market and metro population, Nashville has remained the most active housing market in Tennessee.
Best Home Loan Mortgage Options in Nashville
If you’re interested in purchasing a home in Nashville, make sure to learn more about each home loan option you may qualify for. To help you choose the right loan choice for your home buying needs, here are some of the available financial options you can apply for.
- ARM (Adjustable-Rate Mortgages): An ARM is essentially a mortgage with an interest rate that changes over time. An adjustable-rate mortgage (ARM) can be a great loan option in the short term. However, they can be a financial hassle if interest rates increase significantly after the initial fixed-rate period.
- Government-Insured Mortgages (FHA, VA, and USDA-Backed Mortgages): When compared to conventional mortgages, government-insured mortgages have a zero or low down payment requirement. They also tend to have lower interest rates and are easier to qualify for. If you’re a veteran, first-time homebuyer, or rural homebuyer, these loan options are worth considering.
- Fixed-Rate Mortgages: Fixed-rate mortgages, also called “conventional mortgages,” are mortgages that lock in your rate for the duration of the loan. In short, they’re the opposite of adjustable-rate mortgages. Because of their inherent predictability and flexibility, they’re seen as the most reliable way to finance homes.
- Conventional loans. Conventional loans are mortgage loans that aren’t insured by the federal government. Conventional loans are still the most popular loan option today, and there’s a good reason why. They offer lower interest rates than government-backed loans and give you more flexibility in your budget. The terms of conventional loans can range anywhere from five to thirty years.
If you aren’t quite sure which of these types of available loans are going to be the best fit for you, then you’ll want to be sure to browse a more exhaustive list of the currently available home loan options. This is a smart financial decision, especially for those of you who either live in Nashville or plan on setting down roots here in the near future.
Best Mortgage Lenders in Nashville, TN
The Home Loan Expert
If you’re interested in getting a home loan in Nashville, The Home Loan Expert has a wide range of mortgage and loan options for you to choose from. With the help of their comprehensive online platform, you can get the necessary expert financial guidance for your home-owning journey in no time, regardless if you’re a first-time homebuyer or you’ve purchased a house before.
The Home Loan Expert believes in putting the customers and community first. That’s why they always aim to keep the mortgage loan process as painless as possible, easily making them one of the best mortgage lenders in Nashville. With their 5-Minute Loan Approval* application, you can quickly get the process started.
The Home Loan Expert will ensure that you experience the most customer-centered mortgage process possible.
Loans & Services:
- Adjustable-Rate Mortgages
- Bank Statement Mortgages
- Cash-Out Refinance
- Conventional Loans
- Debt Consolidation
- FHA Loans
- First Responder Loan Program
- Fixed-Rate Loans
- Home Purchase Loan
- Jumbo Home Loans
- No Income Verification Loans
- Union Loans
- USDA Loans
- VA Loans
- Zero Dollar
Pros:
- Personalized and hands-on service.
- Customer-first approach
- low closing costs
- A great variety of loan and mortgage options
- Robust down payment assistance options
Cons:
- Given the number of loan choices available, some prior homework might be necessary in order to zero in on the best loan for you.
Minimum down payment: Ranging from 3% to 0% (for VA members)
Start the approval process at The Home Loan Expert today!
Hero Loan
Hero Loan strives to provide efficient loan services with manageable rates to active-duty military members, veterans, and military families. Part of their mission is to provide unmatched service and assistance to veteran-owned businesses and events, elevating them to one of the top Nashville mortgage and home loan companies in our fine city.
Since Hero Loan is a direct-endorsed VA Lender, they can close VA loans in as little as 2 weeks. In comparison, the closing process can take up to 2 months with most other lenders. Hero Loan also has its own in-house underwriting and fully-trained editorial team, which means you’ll be able to save money on mortgage rates and upfront costs – including the appraisal.
How It Works:
Hero Loan has an attractive roster of loans and services to offer to first-time homebuyers and established ones. Apart from their standard VA loan, some of their other financial services include:
- VA Streamline Refinancing
- Conventional Loan Refinancing
- VA Cash-Out Refinancing
- FHA Loans
After you’ve picked the loan option you want, you will need to visit their website to fill out an application. Afterward, a loan officer will be assigned to explain the details of the loan that you applied for.
They will also assist you in getting your VA Loan Certificate of Eligibility and filling out the other VA paperwork you need for your loan. After all the necessary details are sorted in your application, all you need to do is wait until the loan is closed. But don’t worry. As we’ve already mentioned, it can take as little as 14 days for Hero Loan to close your VA loans.
Pros:
- Complete all VA paperwork for clients
- Access to in-house underwriting
- Can close VA Loans in as little as 2 weeks
- No appraisal fees or out-of-pocket fees
Cons:
- Services are for active-duty military, veterans, and their families only
Minimum down payment:
$0 down payment
The Tennessee Credit Union
The Tennessee Credit Union offers a bounty of loan and mortgage services to Tennessee residents, making them a fairly attractive Nashville mortgage and home loan company. They offer a few types of government assistance loans, too, such as FHA, VA, USDA, and THDA loans.
In addition to these options, the Tennessee Credit Union also provides fixed-rate products, adjustable-rate mortgages (ARMs), and home equity loans. According to their website, they currently offer 5/1 and 7/1 ARMs. Their home equity loans, in particular, provide an 80% maximum loan-to-value (LTV) ratio.
To leverage the equity of your home in case of unexpected expenses, you can also apply for their Home Equity Line of Credit (HELOC). Alternatively, they also offer a No-Equity Home Improvement Loan, which will allow you to borrow money without using your home as collateral. If you’re looking to improve the terms of your mortgage loans, the Tennessee Credit Union can help you refinance your mortgage.
Whether you’re a first-time homebuyer or trying to complete small improvement projects, applying for a membership and loan from Tennessee Credit Union is worth considering. If you’re able to get your membership application approved, you’ll be able to enjoy various perks like store discounts, discounted insurance, and tax services.
Loans & Services
- Home equity loan (second mortgage)
- Conventional mortgage loan
- Refinancing
- HELOC
- Home improvement loan (fund improvements with no equity)
Pros:
- Personalized customer service
- Transparency with fees and rates
Cons:
- Unoptimized online experience
- You must be a member to access services
Ascend Federal Credit Union
Like many of the Nashville mortgage and home loan companies in our city, Ascend Federal Credit Union also offers terms up to 30 years, so you can likely find a loan that best fits you and your budget. With their home equity loans, you can borrow up to 95% of your home’s value.
In addition to their conventional mortgages and home equity loans, they also have a set of adjustable-rate mortgages that range from 5/5 to 10/1 30-year period programs. If you’re a veteran or an active military member, Ascend has a wide range of VA loans, as well.
Although Ascend has a smaller variety of loan services to offer than other lenders, they also offer insurance services, membership benefits, and other kinds of consumer loans. If you haven’t been a homeowner for the last three years, you may qualify to join their program for first-time homebuyers. Their special program features zero down payments, no private mortgage insurance, and no origination fees.
To find out if you’re eligible to join Ascend and apply for their loan programs, be sure to visit their website for more details.
Loans & Services:
- Fixed-rate and adjustable-rate mortgages
- Home equity loans
- HELOCs
- Personal loans
Pros:
- Low closing costs and no prepayment costs
- Flexible terms and transparent rates
- Potential loan interest refund
Cons:
- Some reviews cite poor customer service
Best Tennessee Mortgage Lenders
Interested in some of the best mortgage lenders throughout the state?
Head here for our review of the best home loans and mortgage lenders in Tennessee.
Nashville Mortgage Calculators
Mortgage calculators can help determine your mortgage payments and break them down into different expense items such as taxes, insurance, and HOA fees. You can calculate your monthly mortgage payment for a home in Nashville by inputting your loan term, home price, and down payment into the corresponding box on the mortgage calculator.
In addition to the mortgage calculator, we offer a loan comparison calculator, rent vs. buy calculator, and refinance calculator, among others. Our goal is to provide clients with a full suite of tools so that they may make the most informed decision possible about their home loans.
The Home Loan Expert in Nashville
At The Home Loan Expert, we care deeply about the relationships we build with communities. We work hard to make sure every customer and home buyer we work with gets to experience a quick and efficient mortgage process.
Our goal is to provide clients with a full suite of resources so that they may make the most informed decisions possible about their home loans. This may be why we are one of the fastest-growing lending platforms in the nation–or maybe it’s our unmatched customer service and our commitment to aspiring homeowners like yourself!
As arguably the best Nashville mortgage and home loan company in town, our services will give you access to the most competitive interest rates and the newest loan programs in Tennessee.
Regardless of where you are in the state, our loan officers will be there and will ensure that you’ll get the resources of a big-time lender and the hospitality you’d expect from a local.
We provide Nashville mortgage services in:
- Nashville
- Franklin
- Clarksville
- Murfreesboro
- Charlotte
- Dickson
- Gallatin
- Kingston Springs
- Lebanon
- Watertown
Our home loan options in Nashville include:
- Adjustable-rate mortgages
- Bank statement mortgages
- Cash out refinance
- Conventional loans
- Debt consolidation
- FHA Loans
- First responder loan program
- Fixed-rate loans
- Home purchase loans
- Jumbo home loan
- No income verification loan
- Rate-and-term refinance
- Refinance
- Teacher appreciation program
- Union loan
- USDA loans
- VA loans
- Zero Dollar down loans
Our Nashville Story
We’ve always strived to ensure that everyone we work with gets the best service and lowest interest rates possible on their mortgage loans. It’s no secret that we’ve always been committed to helping more customers build or buy their homes, and being one of the top Nashville mortgage and home loan companies that you can trust genuinely matters to us.
So, when we were discussing the potential location of our fourth market, Tennessee quickly became our top choice. With our own office in Tennessee, we’re serving more communities in Nashville and other nearby areas. We’ve experienced firsthand what it’s like to be welcomed by the people of Tennessee, so we absolutely believe that our customer-first approach to lending will fit perfectly in the Music City.
With the help of our experts, as well as the comprehensive set of tools at our disposal, we guarantee that we will help you secure the best loan option available. If you’re looking to purchase a new home or refinance one in Nashville, Franklin, Clarksville, Murfreesboro, Charlotte, Dickson, Gallatin, Kingston Springs, Lebanon, Watertown, and the surrounding areas of the Music City, please just contact our loan editorial expert:
Ryan Kelley
The Home Loan Expert
1 (800) 991-6494
Or, if you’re ready to move forward, why not go ahead and fill out a loan application now to get a quick answer from our team? We look forward to working with you and helping you find your dream home–right here in beautiful Nashville, Tennessee!
The Home Loan Expert
