Hello there! I'm Chase Brannon, a seasoned professional with over 8 years of experience in the mortgage industry and a proud Senior Mortgage Advisor at Steadfast Mortgage. My journey has been enriched by a family legacy of Mortgage Advisors, and I bring a wealth of knowledge to help you navigate the intricate world of home financing.
I've had the privilege of being recognized with the prestigious Gold Award from the NMBA for two consecutive years, in both 2021 and 2022. This achievement reflects my unwavering dedication to delivering exceptional service and financial solutions.
When I'm not immersed in the mortgage world, you can find me on the golf course, drawing from my background as a former award-winning PGA Golf Professional. I'm also passionate about classic vehicle restoration and spending quality time with my wife Embrey and our 4 children. Most weekends are spent cheering on our kids at sporting events around Middle Tennessee.
I'm excited about the opportunity to assist and guide you through the mortgage process. Whether you're a first-time homebuyer or a seasoned homeowner, my goal is to provide you with personalized solutions and a seamless experience. Let's work together to turn your homeownership dreams into a reality!
Committed to giving you all the support and guidance you need.
A conventional loan is a type of loan that doesn't have government backing or insurance, unlike FHA, VA, and USDA loans, which are insured by the government. Conventional mortgage loans, whether conforming or non-conforming, usually require a slightly larger down payment than some government loans. However, conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies" (CRAs). One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job. Your credit record contains information about your income, debts, and credit payment history. It also indicates whether you have been sued, arrested, or have filed for bankruptcy.
On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.
It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.
An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.
Senior Mortgage Advisor
Steadfast Mortgage | NMLS: 1245072