Founded in 1864, First Horizon is a bank that offers a wide range of mortgage products. You can choose from fixed or adjustable-rate mortgages or a mortgage to build a new home. For those who qualify, there are also mortgage programs for first-time homebuyers, as well as VA, USDA, and affordable housing mortgages. The bank’s website offers several mortgage calculators that help you understand all of your options.
In addition to mortgage products, First Horizon is also a full-service bank, offering wealth management, small business funding, commercial loans, and personal banking. The website also features a robust learning center, where you can learn everything you need to know about the home-buying process.
First Horizon loans are excellent for anyone who is looking for an easy and streamlined loan application process. Once you let the company know you’re interested, a loan originator will get in contact with you to walk you through the mortgage application process.
First Horizon can also be a great option for those looking for both a mortgage lender and a full-service bank. While you don’t need to be a bank member to apply for a mortgage through First Horizon, joining can help you streamline all of your finances.
First Horizon offers mortgages for those who want to buy, build, or refinance a home. Those looking to buy a home have a variety of loan options to choose from, explained in the table below.
|Mortgage Type||Pros||Cons||Down Payment|
|Adjustable Rate||Usually lower initial interest rate||Rates can fluctuate based on current interest rate, making it harder to track monthly budget|
|Conventional Fixed Rate A fixed rate that makes monthly budgeting easy||A fixed rate that makes monthly budgeting easy|
|USDA||Geographic and income restrictions apply||No down payment required|
|VA||Loan size may be limited||No down payment required|
|Affordable Housing||Only available for single-family homes|
First Horizon also offers refinancing mortgages for those looking to lower their interest rates, get a shorter loan term, consolidate existing debts, or tap into their property’s equity.
Mortgages for building a home are also available. Standout features include the following.
Follow these steps to apply for a mortgage through First Horizon.
In total, you can expect the process to take six to eight weeks.
Repayment terms vary for each loan. First Horizon offers 15-, 20-, and 30-year mortgages. You can work with a mortgage lender to figure out which repayment term is right for you. APRs also vary according to the loan you select and your financial history.
You can also fill out an online customer service request form or go to a First Horizon branch location to speak to a representative.
|Bank||First Horizon||US Bank||Third Federal|
|Minimum credit score||620||620||620|
|Minimum down payment for conventional fixed or adjustable-rate mortgage||20% (lower with mortgage insurance)||20% (lower with mortgage insurance)||20% (lower with mortgage insurance)|
|30-year fixed-rate APR||6.5%||5.5%||6.19%|
|Best for||Those looking for an easy mortgage application process||Those looking to work with a trusted bank||Those looking for excellent customer service|
First Horizon is an excellent mortgage lender option for those looking for a variety of loan options to choose from. In addition to fixed and adjustable-rate mortgages, customers can also choose from VA, USDA, or affordable housing mortgages, as well as mortgages to build a home or refinance.
Applying for a mortgage through the bank is easy and can be done online or at a branch location. First Horizon also offers full-service banking, so it’s a great option for those looking to streamline their finances.
Q: How does First Horizon determine interest rates?
A: Like other adjustable-rate mortgages, First Horizon’s interest rates change based on the yield of mortgage-backed securities. Changes in the 30-year mortgage interest rates typically correlate with changes in the 10-year United States Treasury Bond.
Q: Is there a fee charged for completing an online application?
A: First Horizon does not charge any fees for filling out an online application. However, you must pay for the cost of the appraisal. Once the appraisal has been ordered, you will not receive a refund.
Q: Does First Horizon require mortgage insurance?
A: Mortgage insurance allows you to qualify for a lower down payment. It is not required for VA mortgages and will not affect your rates if you apply for this type of mortgage. However, for all other mortgage loans, you will need to pay a minimum 20% down payment if you don’t get mortgage insurance.
Q: Who owns First Horizon?
A: First Horizon was acquired by TD Bank in August of 2022.
First Horizon is headquartered at the following address.
165 Madison Avenue
Memphis, TN 38103
This review was compiled using information from the First Horizon website.