First Horizon Home Loans Customer FAQ

First Horizon Home Loans typically considers a minimum credit score of around 620 for conventional loans. However, it is important It is advisable for potential borrowers to review their credit reports and understand their current credit standing before applying for a loan. This preparation can help them identify any areas for improvement. Applicants should also keep in mind that each lender may have their own policies regarding credit scores and loan approval, so it is helpful to consult with a mortgage professional or refer to the current web page for more detailed information specific to First Horizon Home Loans....

When applying for a First Horizon Home Loan, applicants should be prepared to provide a variety of documents to facilitate the loan Commonly, applicants will need to submit a government-issued photo identification, such as a driver's license or passport, to verify their identity. Additionally, proof of income is crucial, which often includes recent pay stubs, W-2 forms from the past two years, or, for self-employed individuals, federal tax returns for the last two years along with profit and loss statements. Financial documentation is also necessary. This may encompass bank statements for the past two to three months, showing all accounts to establish an overview of financial health. Furthermore, information about assets such as retirement accounts, stocks, and bonds may be required to demonstrate financial stability. If the applicant is purchasing a property, it is important to provide details about the property itself, including the purchase agreement or the listing information if available. For those who have a prior mortgage, documentation related to that mortgage, such as the current mortgage statement or payoff information, may also be required. Overall, it is beneficial for applicants to consult the official First Horizon Home Loans website for the most current and comprehensive list of required documentation, as this may vary based on individual circumstances and loan types....

First Horizon Home Loans, like many financial institutions, may impose various fees associated with obtaining a mortgage. These fees Homebuyers should also be aware of closing costs, which typically encompass a variety of fees required to finalize a mortgage. Closing costs may include origination fees, discount points, and prepayment of property taxes and homeowners insurance. It is important for prospective borrowers to thoroughly review the Loan Estimate, which is provided after applying for a mortgage. This document outlines all associated fees and helps borrowers understand their total loan costs. For the most current and detailed information regarding fees for First Horizon Home Loans, visiting their official website or referring to the relevant paperwork during the loan application process may provide the most accurate insights....

Yes, First Horizon Home Loans offers various options for low down payment home loans that can be suitable for different types of borrowers. First Horizon understands that coming up with a large down payment can be a significant barrier for many potential homeowners. Therefore, they provide flexible solutions that can be beneficial for individuals with limited savings. Additionally, some loan programs may be tied to specific eligibility criteria, such as income limits or geographic areas. For the most accurate and detailed information about current low down payment options offered by First Horizon Home Loans, it is advisable to check their official website. There, you will find resources and contact information to assist you further....

First Horizon Home Loans offers a variety of mortgage products tailored to meet different needs and financial situations. These options In addition to these, First Horizon may provide VA loans, which are available for eligible veterans and active-duty service members. These loans are particularly attractive as they typically do not require a down payment and offer favorable terms. Jumbo loans are also available for those seeking financing that exceeds the conforming loan limits, allowing borrowers to purchase higher-value properties. For customers interested in renovation projects, First Horizon likely offers renovation loans, enabling borrowers to finance their home improvements alongside their mortgage. Furthermore, they provide options for adjustable-rate mortgages, which may start with lower rates that adjust over time. Those seeking specialized products may find options such as loans for investment properties, as well as refinancing options for those looking to lower their monthly payments or tap into their home equity. It is advisable for potential borrowers to visit the current First Horizon website or contact their representatives for detailed information on the specific products, terms, and eligibility requirements....

First Horizon Home Loans does not publicly disclose fixed interest rates as they can vary based on a range of factors including the For individuals considering a mortgage or refinancing options, visiting the official First Horizon website can be helpful. The website typically offers details on various loan products, potential interest rate ranges, and any promotional offers that may apply at the moment. Additionally, prospective borrowers may find useful resources such as mortgage calculators, educational articles, and other tools that can assist in understanding their loan options. It is essential for potential borrowers to conduct thorough research and stay informed about market trends when looking for mortgage loans. As personal financial situations vary widely, consulting directly with loan officers or mortgage professionals can provide insights tailored to individual needs and circumstances. Therefore, seeking up-to-date information directly from First Horizon, whether through their online resources or in-person consultations, is a prudent step for anyone considering a home loan....

First Horizon Home Loans offers various mortgage options, but the availability for investment properties may depend on specific criteria It is essential to note that the details regarding financing for investment properties can vary based on market conditions and the specific loan program. Therefore, potential borrowers are encouraged to investigate the particular guidelines applicable to the type of loan they seek. For the most accurate and current information, it would be beneficial to check First Horizon's official website, where you can find comprehensive details related to investment property loans, or consider reaching out to a representative to discuss individual circumstances....

First Horizon Home Loans offers several programs and incentives specifically tailored for first-time homebuyers. These initiatives In addition to lower down payments, First Horizon may also provide assistance with closing costs, as well as access to competitive interest rates. Some local and state programs partnered with lenders like First Horizon might also be available, offering down payment assistance or other types of financial support exclusive to first-time homebuyers. It is important for prospective buyers to explore and understand the specific qualifications and benefits of these programs, as they can vary widely. For the most accurate and up-to-date information regarding special programs and potential incentives, individuals are encouraged to review the current offerings on the official First Horizon website. This will provide essential details about eligibility requirements and application processes for those interested in taking advantage of these first-time homebuyer options....

The maximum loan amount available through First Horizon Home Loans can vary based on several factors, including the type of loan product...

First Horizon Home Loans generally does not impose a penalty for prepaying your loan. This means borrowers can pay off their mortgage...

A fixed-rate mortgage and an adjustable-rate mortgage are two common types of home loans that differ primarily in how interest rates On the other hand, an adjustable-rate mortgage, often referred to as an ARM, has an interest rate that may change periodically based on fluctuations in a specific benchmark or index. Typically, an ARM will start with a lower initial interest rate compared to a fixed-rate mortgage for a designated period, after which the rate may adjust at regular intervals—such as annually or every few years—depending on market conditions. While this initial lower rate can make ARMs attractive for borrowers, it introduces a level of uncertainty regarding future payments. The monthly payments can increase or decrease, which can significantly affect a borrower’s financial situation over time. When considering which type of mortgage is best, it is essential for borrowers to evaluate their financial goals, risk tolerance, and how long they plan to stay in the home. More information on these mortgage types and additional resources can be found on the current First Horizon Home Loans web page....

Many borrowers are interested in prepayment options for their home loans. First Horizon Home Loans typically allows extra payments...

Yes, individuals can obtain pre-approval for a home loan with First Horizon. The pre-approval process typically involves submitting...

The time it takes to get approved for a First Horizon Home Loan can vary based on several factors, including the complexity of the Once the application is submitted, the underwriting process can typically take between seven to ten business days. However, this timeline may be affected by the need for additional documentation or clarification. Early engagement in the process, such as having all necessary paperwork ready and responding promptly to requests from the loan officer, can help speed up the approval timeline. For the most accurate and personalized information, it is advisable to refer to the current web page or contact a representative who can provide assistance based on individual circumstances. Understanding the overall mortgage process will better prepare potential borrowers for what to expect....

Yes, it is possible to refinance an existing First Horizon Home Loan. Refinancing can provide various benefits, such as potentially...

To find a mortgage calculator on First Horizon's website, you should start by visiting their homepage at firsthorizon.com. Once you...

When obtaining a home loan, there are several types of insurance that are generally recommended to protect both the homeowner and the Another important coverage is private mortgage insurance, commonly known as PMI. This insurance is often required for borrowers who make a down payment of less than twenty percent of the home’s purchase price. PMI protects the lender in the event that the borrower defaults on the loan. In some cases, homeowners may also consider additional policies such as flood insurance or earthquake insurance, depending on the specific risks associated with their location. While each situation is unique, it is wise to discuss individual insurance needs with a knowledgeable insurance agent as well as with one's mortgage lender to ensure all necessary protections are in place. For more detailed information specific to First Horizon, visiting their official website may be beneficial....

When considering a home loan, it is essential to understand the potential tax implications associated with homeownership. First Horizon One of the most significant tax benefits is the mortgage interest deduction. Homeowners can often deduct the interest paid on their mortgage from their taxable income, which can lead to substantial savings, particularly in the early years of the loan when interest payments are typically higher. This deduction is applicable for mortgages on primary residences and sometimes second homes, up to a specified limit. Additionally, property tax payments can also be deducted from federal income taxes, which can further reduce the overall tax burden for homeowners. It is important to keep detailed records of these payments to ensure they can be claimed effectively. On the other hand, there are certain tax implications to consider as well. For example, if a homeowner decides to sell their property for a profit, capital gains tax may apply. However, there are exemptions available for individuals who meet specific criteria, such as living in the home for a minimum amount of time. Another point to consider is the potential impact of refinancing or taking out a home equity loan, which can change the dynamics of tax deductions available. Homeowners should consult tax professionals for personalized advice regarding their unique situations. Overall, homeownership comes with various financial implications, and being informed about the tax aspects can help individuals make better decisions regarding their home loans. For more specific information on the topic, it may be helpful to consult a qualified tax advisor or look at resources available on the First Horizon Home Loans website....