Mortgage Resources
Explore Memphis mortgage resources, understand your financing options, and prepare with confidence for your next home purchase.
Understanding The Mortgage Process
Memphis mortgage resources can help make financing easier to understand. Here’s what you can expect from pre-approval through closing.
Get Pre-Approved
Understand what you may qualify for and strengthen your position before shopping for a home.
Understand Loan Options
Learn the differences between common mortgage programs and which may fit your situation.
Plan Your Down Payment
Understand down-payment options and how they can affect your loan and monthly payment.
Estimate Your Payment
See how home price, down payment, interest rate, taxes, and insurance can affect your monthly cost.
Understand Closing Costs
Learn about the expenses that may be due in addition to your down payment when purchasing a home.
Prepare For Closing
Know what to expect as your loan moves through underwriting, final approval, and closing.
DETAILED MORTGAGE GUIDE
Get Pre-Approved
Start With A Clear Budget
Before you begin seriously shopping for a home, it helps to know what you may be able to borrow and what monthly payment fits your budget.
What Your Lender May Review
- Income and employment
- Credit history and score
- Monthly debts
- Assets and available funds
- Down payment
- Loan program requirements
Why Pre-Approval Matters
A pre-approval can help you understand your price range and may make your offer stronger when you find the right home.
Good To Know: A pre-approval is not a final loan approval. Your lender will still need to verify information and review the property before closing.
Understand Loan Options
Find The Financing That Fits
Different mortgage programs have different requirements, benefits, and costs. Your lender can help determine which options you may qualify for.
Common Loan Types
- Conventional loans
- FHA loans
- VA loans for eligible borrowers
- USDA loans for eligible properties and borrowers
- Other specialized loan programs
Loan Options Matter: Compare the complete loan terms and costs—not just the advertised interest rate.
Choosing The Right Loan
The best loan isn’t necessarily the one with the lowest rate. Consider the down payment, mortgage insurance, closing costs, monthly payment, and long-term cost.
Plan Your Down Payment
Understand What You May Need Up Front
Your down payment can affect your loan amount, monthly payment, mortgage insurance, and overall financing options.
Things To Consider
- Minimum down payment requirements
- Available savings
- Gift funds, when allowed
- Mortgage insurance
- Emergency reserves
- How much cash you want to keep after closin
Your Down Payment Strategy
A larger down payment may lower your monthly payment, but using all of your available cash is not always the best choice.
Plan Ahead: Work with your lender to understand how different down-payment amounts affect your payment and total loan costs.
Estimate Your Payment
Know What Your Monthly Cost May Look Like
Your monthly mortgage payment can include more than principal and interest. Taxes, homeowners insurance, mortgage insurance, and HOA fees can also affect the total.
What Can Affect Your Payment
- Home price
- Down payment
- Interest rate
- Loan term
- Property taxes
- Homeowners insurance
- Mortgage insurance, when applicable
- HOA fees, when applicable
Use The Mortgage Calculator
A calculator can help you compare different purchase prices, down payments, and interest rates before you make a decision.
Remember: A mortgage calculator provides an estimate. Your actual payment will depend on your loan terms, taxes, insurance, and other costs determined during the lending process.
Understand Closing Costs
Know What You May Pay At Closing
Closing costs are separate from your down payment and can include lender fees, title charges, prepaid expenses, taxes, insurance, and other transaction-related costs.
Common Closing Costs May Include
- Lender fees
- Appraisal fee
- Title and settlement charges
- Prepaid property taxes
- Homeowners insurance
- Escrow funding
- Recording fees
- Other loan or transaction-specific costs
Good To Know: Closing costs vary by loan, property, and transaction, so review your Loan Estimate carefully with your lender.
Plan For More Than The Down Payment
Your lender can provide an estimate of expected closing costs early in the process so you can plan your cash needs before closing.
Prepare For Closing
The Final Steps Before Your Loan Closes
As you get closer to closing, your lender will complete final reviews and confirm that all loan requirements have been satisfied.
Before Closing
- Respond quickly to lender requests
- Avoid opening new credit accounts
- Avoid large purchases or new debt
- Keep your employment and finances stable
- Review your final loan documents
- Confirm the funds you’ll need for closin
At Closing
You’ll review and sign the final loan and closing documents. Once everything is completed and funded, the purchase can officially close.
Important: Major financial changes before closing can affect your loan approval, so check with your lender before making large purchases, changing jobs, or opening new credit.
Ready To Explore Your Mortgage Options?
Use our mortgage calculator to estimate your payment and take the next step toward understanding your home-buying budget.