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Home Loans

 

Homeownership is a huge decision, but you don’t have to make it alone.
We help you every step of the way for the best homebuying experience possible.

30 Year Fixed-Rate Mortgage
Effective 12-05-2024
Interest rates as low as...
6.375%3
APR as low as 6.603%

A fixed-rate mortgage loan of $200,000.00 for 30 years at 6.375% interest and 6.603% APR will have a monthly payment of $1,247.74. Taxes and insurance not included; therefore, the actual payment obligation will be greater.

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15 Year Fixed-Rate Mortgage
Effective 12-05-2024
Interest rates as low as...
5.375%4
APR as low as 5.741%

A fixed-rate mortgage loan of $200,000.00 for 15 years at 5.375% interest and 5.741% APR will have a monthly payment of $1,620.93. Taxes and insurance not included; therefore, the actual payment obligation will be greater.

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SPEAK WITH US TODAY!

For a personalized rate and payment quote, please give us a call at (865)544-5409 or email homeloans@tvacreditunion.com.

HOW TO GET STARTED

Our Loan Officers provide YOU the best service possible so you can worry less. We know part of a great homebuying experience is to have a strong financial partner to help you navigate the details of the home loan process. We are committed to answering your questions and helping you understand all your financing options.

GET STARTED

NOT READY TO BUY YET?

Whether you want to buy today or in a year, we have your back. If you're 6-12 months away from a purchase, there are steps to take now for a smoother process when the big day comes!

Talk to a Loan Officer

It's never too early to start planning! Our Real Estate Loan Professionals are always happy to talk to you about your future home. They'll be there for you all the way to help you understand what to expect, how to prepare, and apply for your loan!

Meet Our Team

Picture Your Dream

If you know what you want in a future home, it will be easier to make plans! Consider the area you want to live in, the size of your dream home, and any important features or amenities. Just remember to stay flexible! The housing market changes all the time, and you never know what might be available when you're ready to buy.

Determine Your Budget

Know what you can afford and what you'll need to borrow. No matter when you aim to make a purchase, the sooner you plan your finances, the smoother the process will be! Use our mortgage calculator to determine what your mortgage will look like over the life of your loan.

HOME EATING PIZZA
WHAT YOU NEED FOR YOUR APPLICATION
  • Two forms of identification (including one photo ID)
  • Two-year work history
  • Most current pay stub (within last 30 days)
  • W-2s and tax returns (from the last two years)
  • Bank statements (from the last two months)
  • Address history (from the last two years)
  • Homeowner insurance company name and phone number
  • Sales contract (only for purchase loans)
  • Legal description of the property (Warranty Deed or Trust Deed)
  • Current mortgage statement (if applicable)
  • Most recent awards letter for Social Security and/or pension income (if applicable)

KEY WORDS DEFINED

OFFER

A document that outlines the proposed purchase price and any stipulations about buying a specific property.

CONTINGENT

The offer on a house has been accepted, but certain criteria must be met (like a home inspection) before the final sale can advance.

CLOSING COSTS

Fees paid at the end of the buying process by either the seller, buyer, or both.

EARNEST MONEY

Deposit made by the buyer (typically to an escrow account) to show good faith in purchasing a property.

HOME INSPECTION

Examination of the property’s condition, performed by a professional.

TITLE

A document that shows legal ownership of a property.

APPRAISAL

An evaluation performed by a professional to determine market value of a property.

SIGNING

This is when you close for your home! Be prepared for it to take about an hour to sign all the necessary paperwork.

FREQUENTLY ASKED QUESTIONS:

  • HOW MUCH DOWN PAYMENT DO I NEED?

    That depends on which home loan you get! Some loan types, such as a VA or USDA, can have $0.00 down payment options. But for most home loans, you’ll want at least 3.00 - 5.00% of the purchase price saved for your down payment.

  • HOW DO I KNOW WHICH HOME LOAN IS RIGHT FOR ME?

    Don't fret; this is where we can help! Your home loan officer will evaluate your situation and help you find the best home loan solution to fits your needs.

  • WHAT IS A CREDIT SCORE?

    Think of your credit score as your report card on how well you pay on time. It allows others to know if you can pay bills on time and repay debts or loans consistently. It tells a lender you can handle your finances responsibly. It’s typically a three-digit number ranging between 300-850.

  • HOW DOES CREDIT IMPACT MY HOME LOAN OPTIONS?

    Your credit score impacts what loan options are available to you as well as the rate you receive. Curious what your score is? Check your credit score for FREE! To access this Member perk, just log in to online or mobile banking!

  • WHAT IS PMI, AND DO I REALLY HAVE TO PAY FOR IT?

    PMI stands for Private Mortgage Insurance. Anytime you purchase a house with less than a 20.00% down payment, PMI is added as extra protection to the lender. However, our in-house loans offer no PMI options (a special Member Perk just for you)! 

 
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