Did you know a mortgage lender can help you put the most competitive home purchase offer on the table?

Yes, this role doesn’t fall exclusively on your real estate agent. Your mortgage lender can help you and your agent prove to the seller that you’re a serious buyer.

However, not every lender can do this for you. You have to find the RIGHT lender.

In this article, we’ll break down the steps you can take to find the best mortgage lender in Tennessee, so you can lock in a competitive rate and enjoy a more efficient loan process.

1. Know what you need before you start searching

Before looking for a mortgage lender, evaluate your financial situation and homebuying goals.

The “right lender” is different for every buyer depending on the following factors:

• How much you can afford: A clear budget will help you find a lender who aligns with your financial situation. Consider the price of the home, property taxes, homeowners insurance and maintenance expenses.
• Which loan type is right for you: Mortgage lenders offer a variety of loan products, including conventional loans, FHA loans and VA loans. A basic understanding of each type will help you identify lenders specializing in your preferred option.
• Your credit score: Your credit score helps lenders determine your interest rate and loan eligibility. Check your credit reports before you find a lender so you can resolve any potential errors or work to improve your score.

Once you’ve performed this initial research, you’ll be in a stronger position to find a mortgage lender that aligns with your needs.

2. Interest rates and loan terms: Don’t settle for the first or lowest offer

Homebuyers often tend to accept the first or lowest offer they receive; but taking the time to compare rates, terms and support can potentially save you thousands of dollars over the life of the loan.

For example, a lender may offer the lowest rates, but what about their terms or fees? You need a complete picture before you move forward with a lender.

When shopping for mortgages, consider the following:

• Mortgage rate fluctuations: Rates change daily based on economic conditions, so timing your application can impact your rate.
• Locking in your rate: Some lenders, including Compass Mortgage, allow borrowers to lock in your interest rate for a set period to protect you from fluctuations.
• Evaluating both the annual percentage rate (APR) and the interest rate: The APR includes the interest rate and additional lender fees, giving you a more accurate picture of your total borrowing costs.
• Fixed-rate and adjustable-rate mortgages: Fixed-rate mortgages (FRMs) have a set interest rate for the entire term, while adjustable-rate mortgages (ARMs) start with a lower, fixed rate for a set period before adjusting up or down based on market conditions.

The right lender will offer a competitive rate, reasonable fees and terms that fit your financial situation.

The Compass Mortgage team prides itself on being your advocate and partner throughout every step of the loan process.

We are dedicated to helping you find the most affordable loan for your home.

3. Check reviews to see what other homebuyers are saying

A mortgage lender might look great on paper, but real customer experiences can tell a different story.

Online reviews go beyond rates and terms and offer valuable insights into a lender’s customer service, reliability and speed.

Try checking out a lender’s Google Reviews, website review page, or the following sources:

• Better Business Bureau (BBB)
• Yelp
• Zillow
• LendingTree
• The Consumer Financial Protection Bureau’s Consumer Complaint Database

Rather than focusing on individual complaints, look for trends in reviews like repeated complaints about delays or unresponsive service.

A few negative reviews are normal, but dozens of similar complaints can signal a red flag.

4. Choose a lender that offers a loan commitment

You’ve likely heard you must get prequalified or preapproved for a mortgage.

However, a fully underwritten loan commitment gives you a significant advantage over borrowers with only a standard preapproval.

Here’s why:

• It locks in your interest rate.
• You can resolve financial issues early.
• You’ll give sellers more confidence.
• It speeds up the closing process.

Compass Mortgage offers a distinctive program known as Get Committed®. Get Committed® allows borrowers to complete most of the loan process before they make an offer on a home.

This allows you to resolve any financial requirements before having the added pressure of closing a loan while working with a seller.

5. Local expertise matters: Choose a lender who knows Tennessee

A lender with knowledge of the Tennessee housing market can make the homebuying process smoother and more efficient.

They will know the state’s home prices and seasonal fluctuations and understand state-specific loan programs, in addition to all the various types of loans mentioned earlier.

Our Compass Mortgage team in Franklin, Tennessee, can help you find a loan option that fits your specific goals and needs.

6. Customer service: The right lender supports you every step

The best mortgage lenders prioritize borrower education, clear communication and accessibility. They will help you navigate the homebuying process with confidence.

Look for the following qualities in your Tennessee lender:

• Explains loan options in simple terms
• Keeps you updated
• Responds to calls and emails in a timely manner
• Offers personalized guidance
• Helps you problem-solve if issues arise
• Treats you with kindness and respect

A responsive, attentive lender can help reduce stress and prevent surprises during your homebuying journey.

7. Compare, ask questions and trust your gut

Once you’ve researched your options and compared lenders, it’s time to decide.

Compare rates and terms, but trust your instincts.

Ask your potential lenders the following questions to help you narrow down the right option:

• Can I lock in my interest rate and for how long?
• Are there prepayment penalties if I plan to pay off my mortgage early or refinance in the future?
• What happens if my financial situation changes during the process?
• Are there any additional lender fees I should know about?
• How do you handle unexpected issues or delays in the loan process?
• Do you provide digital application options?

The answers to these questions will give you a clear picture of who can offer you the best rates, services and reliability.

Get Committed® with Compass Mortgage and find your dream Tennessee home

At Compass Mortgage, you are viewed as a relationship—not a transaction.

Effective, transparent communication isn’t just something we practice; it’s part of our Core Values.

Are you ready to enter the Tennessee market with confidence? Apply with Compass Mortgage now to lock in your rate and discover your personalized loan options.