Top 3 Mortgage Lenders in Nashville, TN

Mortgage Lenders: An Overview

Mortgage lenders are financial institutions or companies that provide loans to help individuals and families purchase homes. They evaluate borrowers’ creditworthiness, determine loan eligibility, and set the terms of the mortgage including interest rates, loan duration, and monthly payments. In Nashville’s competitive real estate market, working with the right lender can make the difference between securing your dream home and losing it to another buyer.

Types of Mortgage Lenders

There are several categories of mortgage lenders serving Nashville homebuyers:

Mortgage Banks: Companies that originate and fund loans using their own capital. They often sell loans to investors after closing but typically service them in-house.
 Best for: Borrowers seeking competitive rates, diverse loan options, and streamlined processing.

Mortgage Brokers: Intermediaries who work with multiple lenders to find the best loan options for borrowers. They do not fund loans directly.
 Best for: Borrowers who want to compare multiple offers, those with unique financial situations, or those seeking specialized loan programs.

Credit Unions and Community Banks: Member-owned financial institutions that often offer competitive rates and personalized service to their members.
 Best for: Existing members, those who value local decision-making, and borrowers seeking relationship-based banking.

Top 3 Mortgage Lenders in Nashville, TN

1. Churchill Mortgage

Best For: First-time homebuyers, Dave Ramsey followers, borrowers seeking personalized guidance, and those who want a lender focused on long-term financial health.
 Philosophy: Smart Homeownership. Since 1992, Churchill Mortgage has placed personal interaction and quality service at the forefront. They focus on helping borrowers achieve both short and long-term financial goals, not just closing loans. Known as a Ramsey Trusted lender.
Services:
 Conventional Loans: Fixed and adjustable-rate mortgages for primary residences.
FHA Home Loans: Government-backed loans with lower down payment requirements.
 VA Home Loans: Specialized loans for veterans and active military members.
No Credit Score Loans: Unique programs for borrowers building credit through alternative methods.
 Refinancing: Rate-and-term and cash-out refinance options.

Location: 1749 Mallory Lane, Suite 100, Brentwood, TN 37027.
 Contact: (615) 370-8888 | (888) 562-6200 | churchillmortgage.com
Pricing: Competitive rates with transparent pricing. No hidden fees. Rate quotes provided after initial consultation and credit review.
 Recognition: BBB A+ Rating. Served over 100,000+ homeowners. 72 branch locations nationwide.

2. Mortgage Investors Group (MIG)

Best For: Tennessee first-time homebuyers, USDA and THDA loan seekers, and borrowers who want a local lender with deep Tennessee expertise.
 Philosophy: Personalized Service with Tennessee Roots. Founded in Knoxville in 1989, MIG has grown to over 300 professionals across 24 branches. They specialize in helping diverse communities achieve homeownership through a range of mortgage products.
Services:
 Conventional Mortgages: Competitive rates on traditional home loans.
THDA Loans: Tennessee Housing Development Agency programs for first-time and eligible buyers.
 USDA Loans: Rural development loans with zero down payment options.
FHA and VA Loans: Government-backed programs with flexible qualification requirements.
 Refinancing: Options to lower rates or access home equity.

Location: Multiple branches including Nashville/Brentwood area. Corporate: 10118 Parkside Drive, Suite 100, Knoxville, TN 37922.
 Contact: Visit migonline.com for Nashville-area branch contacts.
Pricing: Competitive rates with on-site underwriting for faster processing. Rate lock options from 30 to 180 days.
 Recognition: Tennessee’s #1 THDA lender annually since 2003. Leading USDA lender in Tennessee every year since 2014. Over $30 billion in closed loans. Named Top Workplace three consecutive years.

3. First Community Mortgage

Best For: New construction financing, Nashville-area homebuyers, and borrowers seeking a locally focused lender with a strong ethical reputation.
 Philosophy: Lender of Choice, Employer of Choice. Established in 2002 with a vision to exceed customer expectations throughout every detail of the home loan process. They specialize in new construction lending and maintain strong relationships with Nashville-area builders.
Services:
 Purchase Loans: Conventional, FHA, VA, and USDA financing options.
New Construction Loans: Specialized programs for homes under construction with experienced builder partnerships.
 Refinancing: Rate reduction and cash-out options for existing homeowners.
Digital Application: Cloud-based technology for streamlined processing.

Location: 750 Old Hickory Blvd, Building 1, Suite 262, Brentwood, TN 37027.
Contact: Visit firstcommunitymortgage.com | Check website for current branch phone numbers.
 Pricing: Competitive rates with emphasis on on-time closings. Detailed estimates provided during pre-approval process.

  • Recognition: Voted #1 New Construction Lender in the Nashville market for 5 consecutive years. 2022 Better Business Bureau International Ethics Award winner.

Frequently Asked Questions (FAQ)

1. What credit score do I need to buy a home in Nashville?
Minimum credit score requirements vary by loan type. Conventional loans typically require a minimum score of 620, though scores of 740+ secure the best rates. FHA loans may accept scores as low as 580 with a 3.5% down payment. VA and USDA loans generally require scores of 620+. Some lenders, like Churchill Mortgage, offer programs for borrowers without traditional credit scores.

2. How much down payment do I need for a home in Nashville?
Down payment requirements depend on the loan type. Conventional loans may require as little as 3% down for first-time buyers and 5% to 20% for others. FHA loans require 3.5% minimum. VA and USDA loans offer zero down payment options for eligible borrowers. A larger down payment can reduce your monthly payment and help you avoid private mortgage insurance (PMI).

3. How long does it take to get approved for a mortgage in Nashville?
Pre-approval typically takes 1 to 3 business days once you submit a complete application with required documentation. Full mortgage approval and closing generally take 30 to 45 days from contract acceptance. In competitive markets, having a pre-approval letter ready before house hunting is essential.

4. What documents do I need to apply for a mortgage?
Lenders typically require two years of W-2 forms and tax returns, recent pay stubs (30 to 60 days), two to three months of bank statements, valid government-issued ID, and documentation of any additional income or assets. Self-employed borrowers may need additional business tax returns and profit/loss statements.

5. Should I get pre-approved before looking at homes in Nashville?
Yes, absolutely. In Nashville’s competitive market, sellers and their agents expect buyers to have pre-approval letters before accepting offers. Pre-approval shows you are a serious buyer, defines your budget, speeds up the closing process once you find a home, and strengthens your negotiating position. Most pre-approvals are valid for 60 to 90 days.