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First Horizon Review

Reviews 28
First Horizon Bank
First Horizon Bank
Reviews 28
Danielle Greving
Jul. 16, 2023
4 min read
Danielle Greving author image
First Horizon Bank Summary
First Horizon is a full-service bank that offers mortgage products, including fixed and adjustable-rate mortgages and USDA, affordable housing, and VA mortgages. You can choose a mortgage to build, buy, or refinance your home, with repayment terms of 15-30 years available. For a conventional mortgage, you typically need a credit score of 620 and a DTI of 43% to qualify. You can apply online or in person.


  • In-person branches
  • Wide range of mortgage loan options
  • Easy loan application process


  • No 10-year mortgage option
  • Low customer service ratings on BBB


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. 

Suitable For?

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. 

Types of Loans

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 TypeProsConsDown Payment
Adjustable RateUsually lower initial interest rate Rates can fluctuate based on current interest rate, making it harder to track monthly budget 
  • 20% of purchase price with no mortgage insurance
  • <20% requires private mortgage insurance (PMI)
Conventional Fixed Rate A fixed rate that makes monthly budgeting easyA fixed rate that makes monthly budgeting easy 
  • Higher down payment 
  • Sometimes higher credit score required
  • 20% of purchase price with no mortgage insurance
  • <20% requires private mortgage insurance (PMI)
  • Potentially lower rates
  • More flexible credit guidelines
  • Those living in rural areas are eligible
Geographic and income restrictions apply No down payment required
  • Available to US veterans 
  • No mortgage insurance requirement
Loan size may be limitedNo down payment required
Affordable Housing
  • Low down payment
  • Fixed-rate loan 
  • Eligible to low-income families who have incomes 80% below the median household income
Only available for single-family homes

$500 minimum

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.

  • Up to 80% financing for those who qualify
  • Interest-only payments during the construction period 
  • A single closing to save you both time and money

The Application Process

Follow these steps to apply for a mortgage through First Horizon.

  1. Click on the “get started” button on the company’s website, call 866-206-4330, or head to an in-person branch location to speak to a loan originator. First Horizon has branch locations in Alabama, Arkansas, Georgia, Florida, Louisiana, New York, North Carolina, South Carolina, and Tennessee. They are however available online in 50 states.
  2. Speak to a loan originator about your mortgage options. The loan originator will help you select the right type of loan and repayment term. 
  3. Gather all of the necessary documents. You’ll need to verify your income and assets with pay stubs, tax returns, bank statements, and investment statements. You’ll also need a copy of your driver’s license. If you’re purchasing a home, you’ll need a purchase agreement. If you’re currently renting, you’ll need to show proof of rental history. Those looking to refinance will need a copy of their warranty deed, property survey, title insurance, mortgage payment coupon, homeowner’s insurance, and flood insurance (if applicable). 
  4. Sign a borrower’s authorization so First Horizon can obtain the information about you that’s necessary to close your loan. 
  5. After the application, the loan officer will order an appraisal to verify the value of your home. 
  6. Once the appraisal is complete and your application has been accepted by the loan officer, the loan officer will prepare your file for underwriting. The underwriter will then review your information to decide whether or not to approve the mortgage loan. 
  7. Finally, you will meet with your lender to sign your closing documents. 

In total, you can expect the process to take six to eight weeks. 

Repayment Terms

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.

Help & Support

Phone: 800-382-5465


You can also fill out an online customer service request form or go to a First Horizon branch location to speak to a representative.

How First Horizon Compares

BankFirst Horizon US Bank Third Federal 
Minimum credit score620620620
Minimum down payment for conventional fixed or adjustable-rate mortgage20% (lower with mortgage insurance)20% (lower with mortgage insurance)20% (lower with mortgage insurance)
DTI ratio<43%<45%<43%
30-year fixed-rate APR6.5%5.5%6.19%
Best for Those looking for an easy mortgage application processThose looking to work with a trusted bankThose 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.

Physical Address

First Horizon is headquartered at the following address.

165 Madison Avenue

Memphis, TN 38103

(901) 523-4883


This review was compiled using information from the First Horizon website. 

Danielle Greving author image
Written by
Danielle Greving
Danielle is a tech and finance writer with experience in personal finance, cryptocurrency and numerous SaaS companies. Her bylines can be found on MoneyTips, CoinMarketCap, GraniteShares and An avid traveler and former ESL teacher, Danielle's writing blends a wealth of technical and financial knowledge with simple and straightforward explanations for everyday readers.

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