Good Mortgage Agents in Nashville area (Clarksville: mortgage broker, credit, loan)

[Money_Is_Everything]

I am first time home buyer and want some good mortgage agent who should hook me up with nice deal. Any input guys?

Thanks

[alleycat]

I'd be glad to refer you to my lovely (pretend) daughter. She's in Clarksville but does business in Nashville. I can't say what kind of deal she could get you, but I can vouch for her integrity.

[Mike in TN]

Are you a credit union member? If so, they usually have favorable rates.

What about Countrywide?

[Money_Is_Everything]

No I am not a member for Credit Union. I asked several different independent morgtate agents but their rates are around 6%, which I think is slighty high. I would prefer something around 5.4%.

[bnewman]

If you have absolutely incredible credit, you might get close to that 5.4 rate. Call Dawn Kornovich w/Countrywide....PM me and I'll give you her number and email. You should also contact Barbara Daniel w/First Tennessee Bank to compare rates and fees. Always check at least two or three before you choose.

Originally Posted by Money_Is_Everything

No I am not a member for Credit Union. I asked several different independent morgtate agents but their rates are around 6%, which I think is slighty high. I would prefer something around 5.4%.

[mbmouse]

Hello Money,
I am on the other side of the state in the Tri-Cities and I believe you want someone closer but I am a mortgage broker. I hate to be the bearer of bad news, but as a first time home buyer (it is a misnomer that first time home buyers get better mortgages, they are actually a higher risk for lender than someone with a proven mortgage credit history ) the only way, in todays mortgage market, that you will get bellow 6% is to put at least 20% down and then buy down the rate. If you were offered 6% on a 30 year fixed, I would suggest you take it. But be sure to read the fine print first. That is a VERY, almost to good to be true, rate right now for a FTHB. I work with many conforming, 2nd and 3rd time home buyers that are qualifying at just above the 6%, it is hard to get at 6% without a buy down. Unless you are looking at adjustable rate mortgages with a start rate that changes every month or 6 months. Sure, I (or about any broker) could get you a 2% pay rate mortgage, but that doesn't mean it is a good mortgage for you. Sometimes more than the rate of a mortgage is important, like your monthly payment. There are mortgages out there with a lower interest rate that has a higher payment than a lower interest rate mortgage so please be careful and ask a lot of questions and make sure you fully understand all aspects of a mortgage before you sign anything.
Countrywide's rates are higher than a lot of national lenders these days and there underwriting is tough to get through so be careful there.
I would suggest you get with a good broker than can originate through many different lenders and let them shop the rates and programs for you, that way your credit will be pulled only once. Sorry, I do not know any that would be local to you that I could recommend. But if Alley cat can speak for the integrity of one, that goes a long way in this business. Good luck and keep us all informed of how it goes for you.

[gbone]

Originally Posted by mbmouse

Hello Money,
I am on the other side of the state in the Tri-Cities and I believe you want someone closer but I am a mortgage broker. I hate to be the bearer of bad news, but as a first time home buyer (it is a misnomer that first time home buyers get better mortgages, they are actually a higher risk for lender than someone with a proven mortgage credit history ) the only way, in todays mortgage market, that you will get bellow 6% is to put at least 20% down and then buy down the rate. If you were offered 6% on a 30 year fixed, I would suggest you take it. But be sure to read the fine print first. That is a VERY, almost to good to be true, rate right now for a FTHB. I work with many conforming, 2nd and 3rd time home buyers that are qualifying at just above the 6%, it is hard to get at 6% without a buy down. Unless you are looking at adjustable rate mortgages with a start rate that changes every month or 6 months. Sure, I (or about any broker) could get you a 2% pay rate mortgage, but that doesn't mean it is a good mortgage for you. Sometimes more than the rate of a mortgage is important, like your monthly payment. There are mortgages out there with a lower interest rate that has a higher payment than a lower interest rate mortgage so please be careful and ask a lot of questions and make sure you fully understand all aspects of a mortgage before you sign anything.
Countrywide's rates are higher than a lot of national lenders these days and there underwriting is tough to get through so be careful there.
I would suggest you get with a good broker than can originate through many different lenders and let them shop the rates and programs for you, that way your credit will be pulled only once. Sorry, I do not know any that would be local to you that I could recommend. But if Alley cat can speak for the integrity of one, that goes a long way in this business. Good luck and keep us all informed of how it goes for you.

This is great advice for a first time homebuyer and for anyone who doesn't understand the details of financing a home. To many people think that they got a great deal just because they have a 'low' interest rate. The interest rate is just part of the equation.

[kpellatiro]

You might also consider taking THDA courses (Tennessee Housing and Development Agency). I have a buyer who recently went through this class and loved it. It even allows for more loan assistance through THDA programs, but the confidence you'll get from the information and discussion is even more valuable.