• Understanding the lending process

What to Expect When Applying

Questions from your loan officer

We begin the lending process by learning about your specific credit needs. Your loan officer will outline the various loan products we have to meet those needs, and may suggest products you had not previously considered. Talk to your loan officer about any questions you have regarding the loan products that may apply to you. Having an existing relationship with First Tennessee may also provide you with a lower rate on your new loan. If you have deposit accounts, trust accounts, savings accounts, loans, or any other relationships with First Tennessee, please let your loan officer know.

Income considerations

We will be asking you for information about your income. Please make sure that you tell us about all the income you wish us to consider in evaluating your application. For example, don't forget to tell us about:

  • Overtime pay
  • Part-time income
  • Social Security
  • Disability or government assistance payments (only if you want it considered)
  • Bonuses
  • Anticipated salary increases
  • Investment income
  • Alimony or child support (only if you want it considered)

Note: Your loan officer will tell you what is needed to verify and document the income you wish to be considered. In some cases, we'll need your most recent paycheck stub and you may also be asked to provide W2s or tax returns.

Debt vs. Income

We will compare your monthly debts to your monthly income to determine your capacity to repay your debt. In addition, the amount of income you have left over after your monthly debts are deducted from your monthly income (residual income) is considered.  You can increase your chances of credit approval, in some instances, by fully documenting your income, by paying off or consolidating debt prior to applying, or by documenting liquid assets that could be used in addition to your monthly income to repay your debt. If you have any questions about what you can do to improve your debt ratios or residual income, talk to your loan officer.

Note: Bill Consolidation: If you plan to pay off any bills at the time of closing, please provide copies of your most recent statements for these accounts.

Personal credit history

You should always be aware of information reported on your credit report to ensure it is accurate. You can increase the chances of your application being approved by identifying and correcting any erroneous items before you apply since we use the information on your credit bureau report to evaluate your credit performance. Ask your loan officer for assistance if you have questions about the information on your report.

Additional Information

  • Appraisal: After application, we will order an appraisal to verify the value of your home.
  • Borrower's Authorization: We will ask you to sign the Borrower's Authorization at the time of application so that we may obtain important information to approve and close your loan.
  • First Mortgage Note: If you have a first mortgage on your property with a lender other than First Tennessee, we will need a copy of the first mortgage note.
  • Homeowner's Insurance Information: We'll ask you for the name, phone number and policy number for your homeowner's insurance.
  • Flood Insurance: If your home is located in a flood zone, we will require you to carry flood insurance on the property that services the loan.

Learn more

If you are ready to get started or have more questions about our process, use our quick start form, call 800-609-2116, or visit a financial center.

Other Resources

All loans subject to credit and collateral approval. Geographic restrictions apply.


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Federal Deposit Insurance Corporation Banking products and services are provided by First Tennessee Bank National Association. Member FDIC. Logo_Equal_Housing_LG Equal Housing Lender.