Which mortgage lender in the Chattanooga, TN area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Chattanooga, TN area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Chattanooga, TN area in terms of interest rate is Union Home Mortgage, with an average “Rate Difference” of -0.20%. This means that, comparing similar borrowers, Union Home Mortgage provided a -0.20% lower interest rate for its customers than other lenders in the area. Union Home Mortgage has a market share of 0.3%. On the other hand, the most popular lender in the Chattanooga, TN area is Quicken Loans, with a larger market share of 10.0%. Quicken Loans is an average lender in terms of the interest rate it offers, with a “Rate Difference” of +0.06% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Chattanooga, TN area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, going by historical data, the cheapest lender for Conventional mortgages in Chattanooga, TN is Bank of America. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is First Horizon Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Union Home Mortgage. The cheapest VA mortgage provider is Navy Federal Credit Union. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.
Ranking of Mortgage Lenders in Chattanooga, TN
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| First Horizon Bank | -0.05% | 27.22% | |
| Bank of America | -0.03% | 1.78% | |
| Wells Fargo Bank | -0.02% | 2.37% | |
| Guild Mortgage Company | -0.02% | 0.59% | |
| Sirva Mortgage | -0.01% | 0.59% | |
| Quicken Loans | -0.01% | 3.55% | |
| US Bank | -0.01% | 2.96% | |
| Navy Federal Credit Union | -0.01% | 1.78% | |
| Regions Bank | -0.01% | 4.14% | |
| Highlands Residential Mortgage Ltd | -0.01% | 1.18% | |
| SunTrust Bank | -0.01% | 2.96% | |
| Supreme Lending | -0.01% | 0.59% | |
| Fairway Independent Mortgage Corporation | -0.01% | 0.59% | |
| Community Mortgage Corporation | -0.01% | 1.18% | |
| JPMorgan Chase Bank | -0.01% | 6.51% | |
| Renasant Bank | -0.01% | 0.59% | |
| Truist Bank | -0.01% | 2.96% | |
| MortgageRight | -0.01% | 0.59% | |
| FirstBank TN | -0.00% | 1.78% | |
| Cardinal Financial Company | -0.00% | 0.59% | |
| Mortgage Investors Group | 0.01% | 2.37% | |
| Tennessee Valley Federal Credit Union | 0.01% | 1.78% | |
| New American Funding | 0.01% | 0.59% | |
| PrimeLending | 0.01% | 4.14% | |
| Movement Mortgage | 0.01% | 2.96% | |
| Pinnacle Financial Partners | 0.07% | 23.67% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| First Horizon Bank | -0.05% | 32.48% | |
| Bank of America | -0.03% | 2.56% | |
| Wells Fargo Bank | -0.02% | 2.56% | |
| Tennessee Valley Federal Credit Union | -0.01% | 0.85% | |
| Sirva Mortgage | -0.01% | 0.85% | |
| Quicken Loans | -0.01% | 4.27% | |
| Regions Bank | -0.01% | 4.27% | |
| Highlands Residential Mortgage Ltd | -0.01% | 0.85% | |
| Supreme Lending | -0.01% | 0.85% | |
| Fairway Independent Mortgage Corporation | -0.01% | 0.85% | |
| US Bank | -0.01% | 2.56% | |
| SunTrust Bank | -0.01% | 3.42% | |
| JPMorgan Chase Bank | -0.01% | 5.98% | |
| Navy Federal Credit Union | -0.01% | 1.71% | |
| FirstBank TN | -0.00% | 2.56% | |
| Truist Bank | -0.00% | 1.71% | |
| Community Mortgage Corporation | 0.00% | 0.85% | |
| Mortgage Investors Group | 0.01% | 1.71% | |
| New American Funding | 0.01% | 0.85% | |
| Movement Mortgage | 0.01% | 3.42% | |
| PrimeLending | 0.01% | 4.27% | |
| Pinnacle Financial Partners | 0.09% | 20.51% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| First Horizon Bank | -0.06% | 15.38% | |
| Navy Federal Credit Union | -0.02% | 1.92% | |
| SunTrust Bank | -0.02% | 1.92% | |
| US Bank | -0.02% | 3.85% | |
| Guild Mortgage Company | -0.02% | 1.92% | |
| Community Mortgage Corporation | -0.02% | 1.92% | |
| Wells Fargo Bank | -0.02% | 1.92% | |
| Highlands Residential Mortgage Ltd | -0.02% | 1.92% | |
| Quicken Loans | -0.02% | 1.92% | |
| Regions Bank | -0.01% | 3.85% | |
| Truist Bank | -0.01% | 5.77% | |
| JPMorgan Chase Bank | -0.01% | 7.69% | |
| Renasant Bank | -0.01% | 1.92% | |
| MortgageRight | -0.01% | 1.92% | |
| Cardinal Financial Company | -0.01% | 1.92% | |
| Movement Mortgage | 0.00% | 1.92% | |
| PrimeLending | 0.00% | 3.85% | |
| Mortgage Investors Group | 0.00% | 3.85% | |
| Tennessee Valley Federal Credit Union | 0.01% | 3.85% | |
| Pinnacle Financial Partners | 0.04% | 30.77% |
* Data is compiled for the Chattanooga, TN commuting zone area, which comprises of counties of Jackson County, AL, Catoosa County, GA, Dade County, GA, Walker County, GA, Bledsoe County, TN, Grundy County, TN, Hamilton County, TN, Marion County, TN, Rhea County, TN, and Sequatchie County, TN. This includes cities/towns/communities of Chattanooga, TN as well as Collegedale, TN, Ringgold, GA, Fort Oglethorpe, GA, East Ridge, TN, Soddy-Daisy, TN, Middle Valley, TN, Red Bank, TN, Lakesite, TN, Fairmount, TN, Chickamauga, GA, Scottsboro, AL, Dayton, TN, LaFayette, GA, Jasper, TN, Harrison, TN, Indian Springs, GA, Spring City, TN, Signal Mountain, TN, Lakeview, GA, Dunlap, TN, Sale Creek, TN, Trenton, GA, Whitwell, TN, Tracy City, TN, Section, AL, Falling Water, TN, Lookout Mountain, GA, South Pittsburg, TN, Lone Oak, TN, Chattanooga Valley, GA, Gruetli-Laager, TN, Graysville, TN, Fairview, GA, Lookout Mountain, TN, Powells Crossroads, TN, Pikeville, TN, Altamont, TN, Monteagle, TN, Stevenson, AL, Mowbray Mountain, TN, Rossville, GA, Hollywood, AL, Pisgah, AL, Woodville, AL, Skyline, AL, Monteagle, TN, and Bridgeport, AL. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.
Mortgage Lender Rankings in Other Cities
This page contains information about the top mortgage lenders in the Chattanooga, TN area. For mortgage lender rankings in other cities, click here.