Find the Best Mortgage Lenders
First Horizon offers a wide range of mortgage products, including:
- Conventional loans.
- Adjustable-rate mortgages.
- Federal Housing Administration loans.
- Veterans Affairs loans.
- U.S. Department of Agriculture loans.
- Jumbo loans.
- Affordable housing loans (geographic restrictions apply).
- New home construction financing.
- Mortgage refinancing.
- Home equity lines of credit.
To begin the mortgage application process, you have to work directly with a First Horizon loan originator. You can fill out your contact information form and request that someone get in touch, or you can search loan originators by ZIP code to find someone in your area that you can contact directly.
The loan originator will explain the various programs available to you. The originator will ask for your income information and about any monthly debt obligations you have, and discuss your credit profile. You can get prequalified based on the information you provide.
Once your application is in, First Horizon will order an appraisal to determine the value of the home. You will also have to sign a borrower’s authorization, which gives permission for the underwriters to get information about your finances. You may be asked for documentation including tax returns, W-2 forms, pay stubs and banking information. If you’re already a First Horizon banking customer, that can help streamline the process.
First Horizon does not publish its mortgage rates, simply stating that they fluctuate based on changes in the yield of mortgage-backed securities and the 10-year U.S. Treasury bond. There is no fee to apply for a home loan, though you will be responsible for paying for an appraisal and there will be other closing costs. Terms go up to 30 years, but First Horizon does not disclose a list of term options.
If you are a First Horizon banking customer, you might qualify for a lower rate on a new home loan.
First Horizon does not disclose specific loan requirements, but you can expect that they follow the guidelines of the various loan programs. You’ll need to have the program’s minimum credit score and a debt-to-income ratio that indicates you’ll be able to manage your loan payments.
Mortgage lenders like First Horizon will look over your employment history, income, debt and credit to determine whether you qualify for a particular loan and, if so, what your interest rate will be.
Though First Horizon does not include specifics on its website, in general, conventional loan borrowers are expected to have at least a 620 credit score to qualify, while government-backed loans, such as an FHA loan, allow for scores as low as 580 in some cases.
First Horizon operates branches in 12 states across the South. However, when you perform a search for loan originators on the lender’s website, you can connect with people in your area even if you are not near a First Horizon branch.
First Horizon has an A+ rating with the Better Business Bureau. In 2022, the Consumer Financial Protection Bureau received 29 mortgage-related complaints about First Horizon. A common issue among the complaints was trouble with the payment process. The company provided a timely response to 28 of the complaints. It closed 26 with an explanation, two with nonmonetary relief and one with monetary relief.
You can reach First Horizon customer service by phone Monday through Friday, 7 a.m. to 10 p.m. Eastern Time and Saturday, 7 a.m. to 5 p.m. ET.
You can also get in touch via email or through an online form. There is no live chat available.
Borrowers are not able to apply for a home loan or get a preapproval online. The process must begin on the phone with a loan originator. Although First Horizon does have a banking app, there is no mention of features that are geared toward borrowers.
- People who already bank with First Horizon.
- People who prefer working with a loan officer directly rather than applying online themselves.
- People who want to explore different types of home loans.