Mortgages

Apply Online

When you meet with one of our mortgage professionals, they will give you an answer to your loan request on the spot. Just bring the required documents and we'll do the rest! Items needed for an Instant Answer loan application: W-2 forms for the past two years Pay stubs for the last full month Bank statements for the last two months Fees for credit report and appraisal Tax returns if self-employed or commissioned

Mortgage Loans (Owner Occupied and Investment Properties)

• The Mortgage Team
• 30 Year fixed rates
• 15 Year fixed rates
• 20 & 25 Year fixed rates
• Various adjustable rate programs
• Conventional Loans
• FHA Loans
• THDA Loans
• VA Loans
• Community Home Buyer Loan
• Instant Answer
• On-site underwriters for quicker approval
• Buying a "fixer-upper" or remodeling your present home
• Ability to close within seven days on certain type loans
• Rural Housing
• Construction- Perm Loan
• Types available

Community Bank of Smith County has become the #1 lender of home loans in surrounding areas by offering personal quality service. We are committed to assisting you with your real estate purchase, whether it is your first home or your third piece of investment property. Working with you to make it happen, removing the hassles, and insuring your new purchase is a pleasurable experience is our primary goal. Mortgages are available for Davidson, Rutherford, Sumner, Trousdale, Smith and DeKalb counties.

The mortgage team at Community Bank of Smith County prides itself on tailoring financing to fit your needs. Please call us for a free pre-qualification or apply on line!
   

Construction Loans
A subject to appraisal will be done on the property and proposed house.  CBSC loans 80% of the appraised value to complete the home.  The loan is set up on interest payments only.  The term of the loan is 9 months.  If more than 9 months are needed to complete the home, CBSC will renew the loan and the rate is subject to change.  After completion of the home, interest rates will be higher than the construction loan.  The rates will vary due to the type of loan the customer chooses whether it be adjustable or fixed.
    
  

Types of Mortgages available:

Adjustable Rate Mortgages (ARM)
Community Bank of Smith County offers several adjustable rate mortgage programs On an adjustable rate mortgage, the interest rate will change periodically based upon a predetermined schedule. Normally there are caps to protect the borrower. Adjustable rate mortgages may carry a lower initial rate that a 30 year fixed rate mortgage.

Conventional Fixed Rate Mortgage
Fixed rate mortgages fully amortize over a predetermined period of time (usually between 15 and 30 years). Fixed rate mortgages are available for the purchase or refinancing of a home. In most cases, up to 95% of the purchase price of a home may be financed.

Federal Housing Administration (FHA) Insured Loans
The Department of Housing and Urban Development makes loans available for the purchase and refinancing of homes through the Federal Housing Administration (FHA) and lenders like Community Bank of Smith County. Loans are available up to 97.75% of the purchase price provided the borrower qualifies. The borrower must have at least 3% invested in the transaction including down payment and closing costs. FHA fixed rate loans are available with terms up to 30 years. An FHA 1-year adjustable rate mortgage is also available. At each adjustment, the FHA ARM has a maximum increase or decrease cap of 1%. Over the life of the loan, the maximum increase cap is 5%.

The FHA 203K program is available to assist borrowers in purchasing homes that need renovation or other significant improvements such as the addition of rooms. As much as 97% of the purchase price + costs of improvements + closing costs may be financed.

Veterans Administration Guaranteed Loans (VA)
Eligible veterans can obtain financing to purchase and/or refinance a home. Up to 100% of the purchase price of a home may be financed in most cases. The interest rate and payment amount is fixed for the full term of the loan (usually 15-30 years).

Farmers Home Administration (Rural Housing Development Authority)
The Rural Housing Development Authority makes loans available to low to moderate-income borrowers. 100% of the purchase price of the home may be financed.

Tennessee Housing Development Authority (THDA)
THDA offers below market interest rates to qualified applicant. Maximum household income and maximum sales price limitations vary from county to county. THDA loans are made in conjunction with FHA, FmHA, VA or conventional financing. Unless the property is located in a targeted area, the applicant may not have owned a home in the prior three years.

For more information email lpiper@communitybankofsmithcounty.com

Back to Top

All loans subject to normal credit approval. Insurance may be required.