About the Knowledge Center
Plain answers to the mortgage questions Tennessee borrowers ask most, from Christopher Armantrout, owner of Valor Mortgage in Springfield. Each answer has a short written explanation, his video and its transcript, and links to the full guide when you want more detail.
No answers match that yet. Call (615) 671-9178 and ask Christopher directly.
Credit and qualifying
What credit score do you need to buy a house?
There is no single minimum. It depends on the loan program and the lender, and your score helps decide which program fits.
Should you pay off debt before applying for a mortgage?
Not automatically. Paying down credit cards can help, while paying off a car loan can lower your score even as it improves your debt-to-income ratio.
Which credit score do mortgage lenders use?
On a typical purchase, a lender pulls scores from all three bureaus and uses the middle one, which may not match the score on your phone.
How do student loans affect buying a house?
They don't stop you from buying, but the payment usually counts in your debt-to-income ratio. How it's figured depends on the loan program.
Can you buy a house after bankruptcy?
Yes, usually after a waiting period. The length depends on the type of bankruptcy and the loan program.
Can you buy a house after foreclosure?
Yes, after a waiting period that depends on the loan program, and the clock usually starts when the property leaves your name.
Getting pre-approved
What's the difference between prequalification and preapproval?
A prequalification is an estimate from what you tell a loan officer. A preapproval comes after your credit and documents are reviewed.
How long does it take to get pre-approved?
If your documents are ready and your file is simple, Christopher says it can take half a day or less. More complex files take longer.
What do lenders look at for a pre-approval?
Three main things: your capacity to repay, the home as collateral, and your credit history.
Should you get pre-approved before looking at houses?
Yes, once you're ready to tour homes. It shows your real price range, so your emotions don't get ahead of your budget.
What shouldn't you do before applying for a mortgage?
Avoid financing big purchases, co-signing a loan, closing accounts or changing jobs without asking your loan officer first.
Do you need two years of work history to get a mortgage?
Typically yes, but not always. School or training for your field may count, and shorter histories can work with offsetting strengths.
Buying a home
How early should you start preparing to buy a house?
Start with a conversation before you think you're ready. If you need to work on credit or savings, a plan can start years ahead.
Should you buy a house now or wait?
No one can time the market. Christopher starts with whether the payment would be comfortable today, and what waiting could mean.
Is title insurance required when you buy a house?
If you're getting a mortgage, most lenders require a lender's policy. An owner's policy, which protects you, is usually optional.
Can you use a tax refund to buy a house?
Yes. A refund can go toward your down payment or closing costs, or be held as reserves. Keep the records that show where it came from.
What happens during mortgage underwriting?
An underwriter verifies your income, assets, credit and the home. Questions and follow-up document requests are a normal part of it.
Can you close on a house online?
Sometimes. Tennessee allows online notarization, but whether your closing can be online depends on your lender, title company and county.
What happens at a first mortgage consultation?
At a first meeting, Christopher listens to your concerns, walks through the process and, if possible, gets you pre-approved.
How does owning a home build wealth?
Equity can grow as you pay down the loan and if the home gains value. A fixed-rate payment also helps with long-term planning.
Your payment and rate
What's included in a monthly mortgage payment?
Principal, interest, taxes and insurance, known as PITI. Mortgage insurance and HOA dues can add to it.
Why is your real mortgage payment different from Zillow?
Online estimates have to guess at your rate, taxes, insurance and mortgage insurance, so your actual payment may be different.
What is PMI, and when does it go away?
PMI protects the lender on a conventional loan with less than 20% down. You can generally ask to cancel it at 80%, and it generally ends at 78%.
What does loan-to-value (LTV) mean?
LTV is how much you're borrowing divided by the home's appraised value. The higher your down payment, the lower your LTV.
Why is your mortgage rate different from the one on the news?
News rates are often averages, and may be old by the time you hear them. Your quote depends on your file and the day it's priced.
Self-employed borrowers
Can you get a mortgage if you're self-employed?
Yes. Lenders usually start with two years of tax returns. If write-offs leave too little income, a bank statement loan may be another option.
Veterans
How do veterans get a VA Certificate of Eligibility?
A COE confirms for your lender that you qualify for the VA home loan benefit. You can request it online, through a lender or by mail.
Refinancing and paying off your mortgage
Do you need a 1% rate drop to refinance?
No. The 1% figure is a rule of thumb, not a requirement. Your goal, your closing costs and how long you'll keep the loan matter more.
How can you pay off your mortgage faster?
Extra payments, putting a lump sum like a tax refund toward principal, or refinancing into a shorter term can all help.
If you’re struggling with your mortgage
What can you do if you can't pay your mortgage?
Call your mortgage servicer right away, and contact a free HUD-approved housing counselor. You may have more options than you think.
More ways to learn
- Home loan guides and articles
- Podcast, radio and video appearances
- All of Christopher’s short videos
- Tennessee mortgage calculator
- About Christopher Armantrout
General education, not a rate quote, an offer or a commitment to lend. Program terms and eligibility are subject to agency and lender guidelines and may change.
Call me at (615) 671-9178. That’s the fastest way to get a straight answer on what you’d qualify for and what these answers mean for your loan.
If it’s after hours, grab a time on my calendar. Pick a slot that works and I’ll call you then.
If your life is too chaotic for a phone call right now — I understand — start an application and I’ll review it and reach out with a plan.
Valor Mortgage, LLC · Christopher Armantrout, Mortgage Loan Originator, NMLS #1210804 · Valor Mortgage, LLC is powered by Encore Lending Group, LLC, NMLS #1249911 · Licensed in Tennessee · Equal Housing Opportunity
724 S Main St, Springfield, TN 37172 · (615) 671-9178 · christopher@valor.mortgage · NMLS Consumer Access
The dollar figures on this page are illustrative examples for general information only and are not an offer, a rate quote, or a commitment to lend. Actual interest rates and APRs vary based on loan program, borrower qualifications, property, market conditions and other factors. Program fees, limits and terms are set by the agencies named above and change without notice; all loans are subject to credit approval, income verification and property appraisal. Not all applicants will qualify.