First Tennessee Home Loans can help reduce your home-buying stress even before you start shopping. We are happy to provide you with a free preliminary approval to help you assess whether you're ready to buy a home. We will evaluate your job history, credit profile and down payment requirements. With our preliminary approval, you can shop for a home with confidence. In addition, a pre-approval will help you search for homes in your price range and show sellers and real estate professionals you're serious about buying a home.
Your Employment History
Your job history is one of the factors we'll use to help you determine whether you're ready for homeownership. If your income is steady, you will find it much easier to manage your responsibilities as a homeowner. Generally, we will request a two-year consistent job history, but we also understand that changing jobs can increase your income and your prospects for future earnings.
Your Credit Profile
Before you begin the home buying process, you may want to review your credit report. Your credit report is one of the most important tools we'll use to assess your credit worthiness, so it's a good idea to make sure you've taken the time to review yours for accuracy. If there's a mistake, you can request a correction; if the report reveals an issue, you can take steps to correct it. You can obtain a copy of your credit report from an agency such as Equifax or TRW (now known as Experian).
At First Tennessee, we will review your credit report as part of the prequalification process. An established, favorable credit profile will obviously have a positive impact on the lending decision, but if your credit isn't perfect, First Tennessee's Home Loan Specialists are especially equipped to help you make decisions about how to obtain a home loan.
Down Payment Options
How much down payment do you need? Is 30 percent too much? Is 3 percent too little? It really depends on several factors. The more money you come up with for your down payment, the less you have to borrow. Or, the more house you can afford. On the other hand, a smaller down payment gives you a greater amount of tax-deductible interest. Because you'll want to make this decision based on your own situation, we offer a complete array of down payment options and loan programs to match your financing needs. Call an First Tennessee Specialist to get help in selecting the right program for you.