Adjustable Rate Mortgages (ARMs)
This type of mortgage product is popular because payments and interest rates initially may be lower and you may qualify for a higher mortgage loan amount. Consider an adjustable rate mortgage if you plan to be in your home a relatively short time and expect mortgage rates to decrease after your ARM period is complete.
The interest rate can change during the life of the loan, which would mean that your monthly payment would change. ARM interest rates increase at adjustment periods. You may have an increase in your monthly mortgage payment after each adjustment period. Your ARM will have a periodic cap (the annual allowed increase) and a lifetime cap (the maximum interest rate or maximum number of increases allowed)
- Residential Construction loans can be rolled over to one of our Conventional Mortgage loans. This means you only have to pay closing costs one time.
- Adjustable and Fixed rate loans.
- Up to 85% loan to value without Private Mortgage Insurance (subject to credit exclusions)
Lot or Land Loans
- Amortization up to 15 years
- 65% Loan to Value (LTV) for undeveloped land
- 75% Loan to Value (LTV) for a developed lot. In order for property to be considered as a developed lot it must be improved with water and utilities.
First-time Home Buyers
We offer a special program to assist new homebuyers with the process. We take the uncertainty out of what can be a scary endeavor.
- Up to 97% financing of purchase price
- Loan amounts up to $417,000
- No Private Mortgage Insurance (up to 95% loan to value)
- No maximum income restrictions
- Up to 30-year terms
With a FHA mortgage, you can buy the house you want with a smaller downpayment requirement with less stringent loan qualifications. Bank of Tennessee approves FHA mortgages when the seller contributes up to 6% and the borrower contributes 3% toward the mortgage loan. Plus, with an FHA mortgage, gift funds are available.
We are proud to participate in loan programs available to qualified veterans. If you have previous military service we can help you purchase or refinance your current home with little to no money down. To qualify, please provide a certificate of eligibility from your branch of service.
15-year amortization with up to 85% financing, subject to credit approval. To qualify for a manufactured housing mortgage, the property must be on a permanent foundation and the lot or land must not exceed more than 25% of the total value/cost.
For more information contact Customer Care at 866.378.9500 or send us an e-mail
All loans subject to credit approval. Bank of Tennessee is an Equal Housing Lender