Home Loans

Homeownership is a huge decision, but you don’t have to make it alone.
We help you every step of the way for the best home buying experience possible.

HOME LOANS¹ FOCUSED ON YOU

At KTVAECU, our Loan Officers are “built different.” Our Loan Officers will help you through the entire home buying process and help you pick the correct type of real estate loan for you at the best rate for you. Together, we determine the best type of Home Loan for you and your current situation. Whether you’re buying your first home, upsizing or downsizing, or just remodeling, our local loan officers are dedicated to finding the best loan for you!

COMPETITIVE RATES - In addition to our friendly Member service, we offer competitive rates for 15-year and 30-year mortgages and home equity line-of-credit (HELOC).
NO PMI OPTIONS - While PMI enables home loans with a lower down payment, you may not need it. Talk to one of our loan officers to determine if a no PMI loan option is right for you.
ONLINE APPLICATION - Apply for any of our real estate loan options online. It’s an easy and convenient way to get started!

FIND LOAN OFFICER MORTGAGE CALCULATOR Get Started

30 Year Fixed-Rate Mortgage
Effective 11-21-2024
As low as...
3.186% APR¹
Interest rates as low as 3.000%

A fixed-rate mortgage loan of $200,000.00 for 30 years at 3.000% interest and 3.186% APR will have a monthly payment of $843.21. Taxes and insurance not included; therefore, the actual payment obligation will be greater.

VIEW MORTGAGE RATES

15 Year Fixed-Rate Mortgage
Effective 11-21-2024
As low as...
2.585% APR²
Interest rates as low as 2.250%

A fixed-rate mortgage loan of $200,000.00 for 15 years at 2.250% interest and 2.585% APR will have a monthly payment of $1,310.17. Taxes and insurance not included; therefore, the actual payment obligation will be greater.

VIEW MORTGAGE RATES

HOW TO GET STARTED

Our Loan Officers provide YOU the best service possible so you can worry less. We know part of a great home buying experience is to have a strong financial partner to help you navigate the details of the home loan process. We are committed to answering your questions and helping you understand all your financing options.

GET STARTED

KEY WORDS DEFINED

OFFER

A document that outlines the proposed purchase price and any stipulations about buying a specific property.

CONTINGENT

The offer on a house has been accepted, but certain criteria must be met (like a home inspection) before the final sale can advance.

CLOSING COSTS

Fees paid at the end of the buying process by either the seller, buyer, or both.

EARNEST MONEY

Deposit made by the buyer (typically to an escrow account) to show good faith in purchasing a property.

HOME INSPECTION

Examination of the property’s condition, performed by a professional.

TITLE

A document that shows legal ownership of a property.

APPRAISAL

An evaluation performed by a professional to determine market value of a property.

SIGNING

This is when you close for your home! Be prepared for it to take about an hour to sign all the necessary paperwork.

HOME BUYING PROCESS

There’s a lot to unpack when it comes to buying a home. Here’s a summary of the home buying process and what you can expect at each step.

PRE-QUALIFICATION - Contact Knoxville TVA Employees Credit Union and get pre-qualified to buy.
HOUSE HUNT - Work with a realtor to look at homes and submit an offer.
FINALIZE LOAN APPLICATION - Update any necessary documentation.
PROCESS LOAN – Here’s where we take over for you! We’ll file your loan and monitor progress.
UNDERWRITING - The underwriter verifies the loan meets all guidelines and qualifications, then issues a mortgage commitment.
PRE-CLOSING - Final details! Schedule your closing date, pick homeowner’s insurance, and prepare closing costs.
CLOSE -YOU MADE IT! An attorney will finalize the final paperwork for you to sign and take ownership!

RESOURCES

WHAT YOU NEED FOR YOUR APPLICATION

Two forms of identification (including one photo ID)
Two-year work history
Most current pay stub (within last 30 days)
W-2s and tax returns (from the last two years)
Bank statements (from the last two months)
Address history (from the last two years)
Homeowner insurance company name and phone number
Sales contract (only for purchase loans)
Legal description of the property (Warranty Deed or Trust Deed)
Current mortgage statement (if applicable)
Most recent awards letter for Social Security and/or pension income (if applicable)

Tools and Resources

Mortgage Rates

Mortgage Calculators

Forms

MORTGAGE / HOME LOANS QUESTIONS
(865) 544-5409
EMAIL US

MORTGAGE PAYOFF REQUESTS
(865) 544-5409
REQUEST A PAYOFF ONLINE

Not all requests can be processed online.
Payoffs may also be requested by faxing a request to (865) 544-5698.

FREQUENTLY ASKED QUESTIONS:

HOW MUCH CAN I AFFORD?

There are many decisions when it comes to a home loan. Use our online calculators to determine your mortgage payment and more.
HOW MUCH DOWN PAYMENT DO I NEED?

That depends on which home loan you get! Some loan types, such as a VA or USDA, can have $0.00 down payment options. But for most home loans, you’ll want at least 3.00 - 5.00% of the purchase price saved for your down payment.
HOW DO I KNOW WHICH HOME LOAN IS RIGHT FOR ME?

Don't fret; this is where we can help! Your home loan officer will evaluate your situation and help you find the best home loan solution to fits your needs.
WHERE CAN I FIND HOME LOAN RATES?

View the most up-to-date rates here.
WHAT IS A CREDIT SCORE?

Think of your credit score as your report card on how well you pay on time. It allows others to know if you can pay bills on time and repay debts or loans consistently. It tells a lender you can handle your finances responsibly. It’s typically a three-digit number ranging between 300-850.
HOW DOES CREDIT IMPACT MY HOME LOAN OPTIONS?

Your credit score impacts what loan options are available to you as well as the rate you receive. Curious what your score is? Check your credit score for FREE! To access this Member perk, just log in to online or mobile banking!
WHAT IS PMI, AND DO I REALLY HAVE TO PAY FOR IT?

PMI stands for Private Mortgage Insurance. Anytime you purchase a house with less than a 20.00% down payment, PMI is added as extra protection to the lender. However, our in-house loans offer no PMI options (a special Member Perk just for you)!

¹APR = Annual Percentage Rate. Restrictions apply. Not a government-affiliated agency. All applications subject to underwriting guidelines and approval. Rates based on creditworthiness. Ask for details. Please note the interest rate and fees shown are available to borrowers with excellent credit history with loan-to-values up to 80% of the appraised value or sales price of the property, whichever is the least amount. If the loan-to-value is higher than 80%, please contact us for a rate quote. The actual interest rate and fees available to you may be different than the rates displayed. All interest rates and APRs shown are subject to change without notice.A fixed-rate mortgage loan of $200,000.00 for 30 years at 3.000% interest and 3.186% APR will have a monthly payment of $843.21. Taxes and insurance not included; therefore, the actual payment obligation will be greater.
²APR = Annual Percentage Rate. Restrictions apply. Not a government-affiliated agency. All applications subject to underwriting guidelines and approval. Rates based on creditworthiness. Ask for details. Please note the interest rate and fees shown are available to borrowers with excellent credit history with loan-to-values up to 80% of the appraised value or sales price of the property, whichever is the least amount. If the loan-to-value is higher than 80%, please contact us for a rate quote. The actual interest rate and fees available to you may be different than the rates displayed. All interest rates and APRs shown are subject to change without notice.A fixed-rate mortgage loan of $200,000.00 for 15 years at 2.250% interest and 2.585% APR will have a monthly payment of $1,310.17. Taxes and insurance not included; therefore, the actual payment obligation will be greater.

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