MORTGAGE PRODUCTS OFFERED:
It's a buyer's
market and a great time to buy a home!
TnBank can
help by being your Partner through the home buying experience.
Home ownership can be as easy as
1-2-3 with TnBank!
Step 1: Get Pre-Approved
Step 2: Find a home
Step 3: Go to Closing!!!
We offer:
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Free and easy home loan
pre-qualifications and pre-approvals
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Zero money down home purchase
financing options
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Free long term locks up to 540
days
To get started with your FREE HOME
LOAN PRE-APPROVAL please contact one of TnBank's
mortgage experts:
Your dream home can be a reality with the help of TNBank. Let us take care of the paperwork so you can focus on the pleasures of being a homeowner.
Step 1 - Are you ready to buy a home?
When you begin thinking about buying a home, you will be faced with many decisions. It is not always easy to find the right home, and getting a mortgage can seem complicated.
A home mortgage loan consists of documents that are in fact your promise to pay back the loan. TNBank wants you to feel secure in your new home and financially comfortable, so we work with you to help insure that your income can support the loan payment. Try a loan on for size by using our built-in calculators - "Rent vs. Buy", "Mortgage Qualifier" and "Mortgage Calculator."
Some other factors that are used to determine your ability to get a mortgage loan are job history, credit history, and amount of savings. Generally, a borrower should have two years or more of steady employment, which demonstrates a consistent income flow for repayment of the loan.
Sometimes people think they have good credit, then they apply for a loan and are surprised to learn that there are some problems with their credit. You can check your credit history before applying for a loan, or at any time to verify it's accuracy. There are three credit bureaus that keep records on consumers: Equifax (800-685-1111), Experian (888-397-3742) and TransUnion (800-888-4213). You should be able to contact them to get a copy of your credit report.
Learn more about credit issues at http://www.truecredit.com/help/learnCenter/welcome.jsp, and www.ftc.gov. For copies of FTC (Federal Trade Commission) brochures on credit issues, call 877-FTC-HELP.
When you buy a home, you will need money that you have saved for the down payment and closing costs associated with the home purchase and loan. Generally, you need to make a down payment that equals at least 5 percent of the purchase price, but the amount may vary. You will also need money for closing costs, such as title policy, points, and recording fees. These costs can be expensive, and sometimes the property seller is willing to pay part of your closing costs.
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Step 2 - Pre-Qualify before you buy
You will want to meet with a TNBank Mortgage Lender about pre-qualifying for a mortgage before you start your home search. This step will help you determine exactly how much house you can afford and expedite the acceptance of your offer when you locate your dream home. This is a free service of
TNBank.
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Step 3 - Complete & Sign the Application
Have your personal financial records ready. You will need to provide information on your personal financial situation and the loan application. You will also be asked to sign documents allowing the lender to check with your bank, employer and allowing a credit check. In order to complete the application, you'll need the following information:
- Personal Contact Information
- Social Security Number(s)
- Employment History
- Asset Information (deposit accounts, retirement funds, stocks, property)
- Liability Information (loans, credit cards, debts)
Get a head start on the mortgage process. Click here to print out our Home Mortgage application. Complete the form and bring it to your appointment with one of our Mortgage Lenders or fax complete application to (865) 482-5427. If you need to make an appointment, please call
(865) 483-9444.
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Step 4 - Pre-Approval
After we receive the verification of information on your loan application and check your credit, we can then approve you for a loan, subject to an appraisal to verify the value of the property you may buy. We will furnish you with a pre-qualification letter to verify your financing approval to real estate agents and sellers.
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Step 5 - Find your Dream Home
Once you have found a home and the seller accepts, you will be asked to provide us with a copy of the accepted "Offer to Purchase" so we can order the appraisal.
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Step 6 - Appraisal Completed by an Independent Appraiser
The property you purchase is used as collateral for your loan. Therefore, we require an independent appraisal report. The appraiser estimates the current value of the property based on the size of the property, the age of the property, its structural integrity, and the neighborhood. When we receive the results of the appraisal we will contact you.
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Step 7 - Final Approval
Underwriters will review your application and the appraisal to make a final decision on your loan. Once it is approved,
you will be contacted to schedule a closing.
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Step 8 - Closing
This is when you take legal ownership of the property. Closings are (generally) conducted by title companies, and frequently take place at their offices. Usually all the parties involved (seller, attorney, lender, and buyer) attend. Just prior to the closing, you will be informed of the exact amount of down payment and closing cost money you need to bring. You will also be asked to provide proof of hazard insurance for the property to the bank a few days before the scheduled closing. At the closing, you will be given a brief explanation of a number of legal documents and asked to sign them. As a buyer, you will sign a note, which is the personal promise to repay the loan, and the deed of trust, which is the financial lien or claim against the property. Finally, the moment you have been waiting for - you receive the house keys and are officially a homeowner!
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Annual Percentage Rate (APR)
The cost of credit on a yearly basis expressed as a percentage.
Application Fee
Fees that are paid upon application. May include charges for property appraisal
and a credit report.
Balloon Payment
A lump-sum payment that you may be required when the plan ends.
Cap
A limit on how much the variable-interest rate can increase during the life of
the plan.
Closing Costs
Fees paid at closing, including attorneys' fees, fees for preparing and filing a
mortgage, fees for taxes, and insurance.
Equity
The difference between the fair market value (appraised value) of the home and
the out-standing balance.
Index
Published rate that serves as a base for the interest rate charged on a home
equity line and also for the rate changes used by the lender.
Interest Rate
The periodic charge, expressed as a percentage, for use of credit.
Margin
The number of percentage points that the lender adds to the index rate to
determine the annual rate.
Minimum Payment
The minimum amount that you must pay (usually monthly) on your account. Under
some plans, minimum payment may cover interest only; under others, it may
include both principal and interest.
Points
One point is equal to 1 percent of the amount of your credit line. Points must
usually be paid and are in addition to monthly interest.
Security Interest
An interest that a lender takes in the borrower's property to ensure repayment
of a debt.
Variable Rate
An interest rate that changes periodically in relation to an index. Payments may
increase or decrease accordingly.
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Daily Rate: 02/25/2010
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Loan Products
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Interest Rate
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Annual Percentage Rate
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Monthly Payment
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No. of Payments
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30 year Fixed Rate*
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4.875%
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5.003%
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926.11
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360
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15 year Fixed Rate*
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4.25%
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4.451%
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1316.49
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180
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30 year Investment Prop*
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Call For Quote
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360
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15 year Investment Prop*
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Call For Quote
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180
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Jumbo 30 year Rate**
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Call For Quote
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360
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Jumbo 15 year Rate**
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Call For Quote
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180
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FHA 30 Year Fixed Rate
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Call For Quote
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360
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1,3, and 5 year ARMs
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Call For Quote
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* APR calculated using $175,000 loan amount and 80% LTV
** APR calculated using $450,000 loan amount and 80% LTV
All loans subject to a 1% origination fee.
Prices and Products are subject to change at any time!
Rates Are Based on Fico Scores of 740 and Higher!!!!
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