Mortgage in Tennessee (2026)

Find the best mortgage rates in Tennessee. Whether you are purchasing a starter home or refinancing in cities across, comparing mortgage lenders can save tens of thousands over the loan term.

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Tennessee Rates & Terms

Borrowers in cities across with credit scores above 760 and 20% down payments qualify for the best conventional mortgage rates.

Adjustable-rate mortgages in TN start 0.5% to 1% lower than fixed rates but carry reset risk after the initial fixed period.

Requirements in Tennessee

Jumbo loans in cities across for amounts exceeding conforming limits require credit scores of 700+, larger down payments, and significant cash reserves.

FHA loans in TN accept credit scores as low as 580 with 3.5% down, or 500-579 with 10% down.

State Regulations

Tennessee borrowers are protected by the following regulations:

  • Usury Limit: 10% (non-licensed)
  • Payday Lending: Legal, max $425, 15% fee
  • Notes: Tennessee regulates payday lending under the Tennessee Code Annotated.

Top Cities in Tennessee for Mortgage

Nashville Memphis Knoxville Chattanooga Clarksville Murfreesboro Johnson City Kingsport

Borrowing Tips

  • Consider a 15-year mortgage if you can afford the higher payment; you will save massive interest over the loan life.
  • Lock your mortgage rate once you have a signed purchase agreement; rates can change daily and cost you thousands.
  • Get pre-approved, not just pre-qualified; a pre-approval letter strengthens your offer in competitive cities across markets.

Frequently Asked Questions

How much down payment do I need for a house in cities across?

Conventional loans require 3-20% down, FHA loans require 3.5%, and VA loans require 0% down. The median down payment in cities across is approximately 10-15% of the purchase price.

What is the current average mortgage rate in TN?

As of 2026, average 30-year fixed mortgage rates in TN range from 6.5% to 7.5%, while 15-year fixed rates range from 5.75% to 6.75%. Rates vary by lender and borrower profile.

Should I choose a fixed or adjustable-rate mortgage?

Choose a fixed-rate mortgage if you plan to stay in the home long-term and want payment stability. An ARM may save money if you plan to sell or refinance within 5-7 years.

How long does mortgage approval take in cities across?

Most lenders can issue a conditional approval within 3-5 business days. Full loan approval and clear-to-close typically take 30-45 days from application.

Important Disclaimer

LoanMatchers is not a lender and does not make credit decisions. We connect consumers with licensed lending partners. All loan terms, rates, and fees are determined by the lender and are subject to credit approval. APRs range from 5.99% to 35.99%. Not all applicants will qualify for the lowest rates. This website provides general information and does not constitute financial, legal, or tax advice. Consult a qualified professional before making financial decisions. Rates and terms are accurate as of 2026 but subject to change without notice.