At a Glance

First Horizon Bank offers mortgages, refinancing, and home equity lines of credit (HELOCs) across 12 states in the East and Southeast US. The bank offers a wide range of mortgage solutions, including conventional, VA, FHA, and Affordable Housing loans. Down payments can be as low as 3% with some conventional mortgages, and the bank charges competitive interest rates. You can apply over the phone or in-person at a First Horizon Bank branch.

Key Figures

Loan types: Mortgages, refinances, HELOCs

Loan products: Conventional, jumbo, VA, FHA, Affordable Housing

APRs start from: Not specified

Minimum credit score: 620

Repayment terms: 15, 20, and 30 years

First Horizon Bank offers a wide variety of mortgage products, including conventional loans and jumbo loans up to $4 million. Existing homeowners can take advantage of refinancing and HELOCs. Conventional mortgages require a down payment of as little as 3%, and you can pay your mortgage online.

The bank is based in Tennessee and only offers mortgages in 12 states in the East and Southeast. You can apply in-person at a First Horizon Bank branch or over the phone, but there is no online application.

How it Works

You can apply for a mortgage with First Horizon Bank by visiting a bank branch or talking with a loan officer over the phone. First Horizon Bank has branches in 12 states:

• Alabama
• Arkansas
• Florida
• Georgia
• Louisiana
• Mississippi
• New York
• North Carolina
• South Carolina
• Tennessee
• Texas
• Virginia

The bank does not offer mortgages outside these states.

Your loan officer will discuss your mortgage options with you and help you understand what home price you can afford based on your situation.

You can be pre-approved for a mortgage with First Horizon Bank. The bank does not require documentation of income at this stage but can consider forms of income such as anticipated salary increases, bonuses, alimony payments, and more.

You will be submitted to a hard credit check to be pre-approved. The minimum credit score varies by mortgage type but is typically 620 for conventional mortgages.

First Horizon Bank will show you the interest rate for your mortgage during the pre-approval process. You may qualify for a reduced interest rate if you already have a checking or savings account with the bank.

When applying for a mortgage, you will need to provide a pay stub, W-2, and your prior year’s tax return.

Types of Loans

First Horizon Bank offers a wide range of mortgage products. You can take out a conventional fixed-rate or adjustable-rate mortgage with a repayment term of 15, 20, or 30 years. First Horizon Bank also offers jumbo mortgages up to $4 million. The bank offers funding products for primary homes, secondary homes, and vacation properties.

Qualified borrowers can also apply for VA and FHA loans through First Horizon Bank. The bank has programs for first-time homebuyers as well as its own Affordable Housing mortgage program, which offers loans with a low down payment and no private mortgage insurance. The maximum amount for an Affordable Housing mortgage is $350,000.

Existing homebuyers can refinance their current mortgage or take out a HELOC through First Horizon Bank.

There are no prepayment penalties for any of First Horizon Bank’s mortgage products. You can make mortgage payments online through your First Horizon Bank account.

Loan Features

• Wide range of loans: First Horizon Bank offers mortgages for first-time homebuyers, existing homeowners, veterans, and low-income buyers. You can take out a mortgage for a primary or secondary residence.
• Jumbo mortgages: You can borrow up to $4 million with a jumbo loan from First Horizon Bank.
• Low down payments: First Horizon Bank offers conventional loans with down payments of as little as 3% (private mortgage insurance required). Affordable Housing loans do not require private mortgage insurance.
• Hundreds of branches: The bank has more than 330 branches across 12 states in the East and Southeast. You can also contact a loan officer over the phone.
• No prepayment penalty: There’s no penalty if you pay off your loan early, which can help you save money on interest.
• Online payments: Make mortgage payments through your online First Horizon Bank account. You can manage your mortgage and all other First Horizon Bank accounts through a single online interface.

Rates and Terms

First Horizon Bank does not specify rates for its mortgage products. You must contact a loan officer to find out the bank’s current rates. You can receive a personalized rate through the bank’s pre-approval process, which requires a hard credit check.

Conventional and jumbo mortgages and refinance loans can come with either fixed or adjustable rates depending on your preference. First Horizon Bank offers loan terms of 15, 20, or 30 years. There is no prepayment penalty if you pay off your mortgage early.

Summary

First Horizon Bank offers a wide variety of mortgage products for new homebuyers and existing homeowners. New homebuyers can choose from conventional, jumbo, FHA, VA, and Affordable Housing mortgage products. Existing homeowners can refinance their mortgage or take out a HELOC with First Horizon Bank.

The bank offers repayment terms of up to 30 years with no prepayment penalty. You can put as little as 3% down for many mortgages and borrow up to $4 million with a jumbo loan. First Horizon Bank makes it easy to pay your mortgage online and manage your loan alongside your other First Horizon Bank accounts.

First Horizon Bank has an A+ rating with the Better Business Bureau (BBB) and has been accredited since 1997. The bank received an A+ grade in the annual Phoenix-Hecht Middle Market Quality Index survey from 2016 to 2019.

Contact First Horizon Bank

First Horizon Bank has more than 330 branches across 12 states. Most branches are open from 9am to 4pm local time, Monday to Friday, and some offer extended hours or are open for limited hours on Saturdays.

You can contact the bank by phone at (800) 382-5465 from 9am to 4pm (CT), Monday to Thursday, and from 9am to 5pm on Friday.