Median Total Costs
$6,683
+0.0% vs national ($6,680)
↑ $36 vs prior year
Median Rate
6.490%
+0.0% vs national (6.490%)
Median Origination
$2,149
Purchase Originations
70,663
Denial Rate
9.7%
vs national avg (9.0%)
Tennessee uses a deed of trust (rather than a mortgage) as its primary security instrument, enabling non-judicial foreclosure through a trustee sale process. Foreclosures can proceed without court involvement, which typically makes the process faster than in judicial states. Tennessee is not an attorney-closing-required state, so closings may be conducted by a title company or escrow agent, though attorneys are frequently used in practice. The state imposes a transfer tax (often called the documentary transfer tax or realty transfer tax) at a rate of $0.37 per $100 of consideration, and by custom the seller typically pays this cost, though it is negotiable. Tennessee operates under a prior-approval system for title insurance rates, meaning insurers must file rates with the Department of Commerce and Insurance and receive approval before use. Prepayment penalties on residential mortgages are restricted under state consumer protection statutes. The Tennessee Department of Commerce and Insurance and the Tennessee Department of Financial Institutions share oversight of mortgage lending and consumer protection in the state.
Conventional loans dominate Tennessee's purchase market, representing 61.8% of originations (42,604 loans) at a median rate of 6.625% and median total costs of $5,366 — the lowest cost profile among loan types. FHA loans account for a significant 22.6% share (15,589 loans), reflecting the state's mix of moderate-income buyers and affordable markets in cities like Memphis and Chattanooga. VA loans make up 13.4% of volume (9,251 loans), supported by military installations such as Fort Campbell near Clarksville. USDA loans, at 2.2% (1,509 loans), serve the state's substantial rural population across Appalachian and rural West Tennessee communities.
Mortgage Investors Group, Inc.
A Knoxville-based lender operating exclusively in Tennessee, Mortgage Investors Group ranked second in the state by purchase origination volume in the 2024 HMDA data with 3,234 loans and a median total cost of $6,665, close to the state median.
Mortgage Research Center, LLC
Operating primarily under the Veterans United brand, this lender ranked fifth in Tennessee by volume with 2,374 originations and recorded the lowest median total costs among the top five at $4,864, reflecting a focus on VA loan products.
Rocket Mortgage, LLC
Rocket Mortgage placed fourth in Tennessee purchase originations with 2,558 loans in the 2024 HMDA data, offering a fully online application process that may appeal to buyers in Tennessee's many mid-size and rural markets.
| Loan type | Volume | Median Rate | Median Total Costs |
|---|---|---|---|
| conventional | 42,333 | 6.500% | $5,362 |
| fha | 16,615 | 6.250% | $11,036 |
| va | 10,003 | 6.125% | $6,020 |
| usda | 1,712 | 6.250% | $7,354 |
Ranked by median total loan costs among lenders with 50+ purchase originations in Tennessee.
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $0 | 6.438% | $0 | 90 | −$6,683 | |
| 2 | $650 | 7.750% | $0 | 101 | −$6,033 | |
| 3 | $861 | 6.213% | $10 | 68 | −$5,822 | |
| 4 | $1,225 | 6.375% | $0 | 110 | −$5,458 | |
| 5 | $1,375 | 6.125% | $0 | 198 | −$5,308 | |
| 6 | $1,742 | 6.500% | $0 | 693 | −$4,941 | |
| 7 | $2,141 | 6.625% | $785 | 64 | −$4,542 | |
| 8 | $2,284 | 6.950% | $1,398 | 107 | −$4,399 | |
| 9 | $2,297 | 7.338% | $771 | 60 | −$4,386 | |
| 10 | $2,732 | 5.938% | $815 | 114 | −$3,951 | |
| 11 | $3,112 | 5.625% | $0 | 1,933 | −$3,571 | |
| 12 | $3,147 | 5.875% | $900 | 70 | −$3,536 | |
| 13 | $3,178 | 6.500% | $0 | 406 | −$3,505 | |
| 14 | $3,297 | 6.700% | $1,400 | 182 | −$3,386 | |
| 15 | $3,548 | 6.375% | $404 | 69 | −$3,135 | |
| 16 | $3,669 | 6.375% | $1,195 | 716 | −$3,014 | |
| 17 | $3,673 | 6.250% | $0 | 2,609 | −$3,010 | |
| 18 | $3,736 | 5.750% | $595 | 303 | −$2,947 | |
| 19 | $3,745 | 6.000% | $0 | 752 | −$2,938 | |
| 20 | $3,994 | 6.125% | $0 | 197 | −$2,689 | |
| 21 | $4,011 | 6.490% | $1,090 | 96 | −$2,672 | |
| 22 | $4,032 | 6.625% | $0 | 53 | −$2,651 | |
| 23 | $4,108 | 6.375% | $1,034 | 192 | −$2,575 | |
| 24 | $4,155 | 7.500% | $2,154 | 95 | −$2,528 | |
| 25 | $4,225 | 6.250% | $250 | 94 | −$2,458 |
Includes lenders with 50+ purchase originations in Tennessee. Source: HMDA 2025. Sorted by median total loan costs.
Total closing costs in Tennessee typically fall in the low-to-mid range relative to national benchmarks, with the overall HMDA median at $6,647. For conventional loans the median drops to $5,366, while FHA loans push costs significantly higher, largely due to the upfront mortgage insurance premium (UFMIP) that is financed into or paid at closing. VA loans carry a funding fee that similarly inflates reported costs, though that fee may be waived for eligible veterans. Line items most worth shopping include lender origination charges, title insurance premiums, and settlement/closing fees, all of which vary across providers. Because Tennessee does not require attorney closings, title company fees are competitive and worth comparing directly.
Got a Tennessee Closing Disclosure or Loan Estimate?
HMDA medians tell you what Tennessee lenders usually charge. Upload your paperwork to see exactly how your quote compares — and get a ready-to-send negotiation email.
See user-reported fees for lenders serving Tennessee →
Grades A–F from verified closing disclosure and loan estimate uploads — not industry medians.
Davidson County
7,106 originations
Shelby County
5,628 originations
Knox County
5,597 originations
Rutherford County
4,105 originations
Hamilton County
3,956 originations
Montgomery County
3,853 originations
Williamson County
3,361 originations
Sumner County
2,836 originations
Wilson County
2,471 originations
Sullivan County
1,734 originations
Maury County
1,652 originations
Blount County
1,616 originations
Washington County
1,375 originations
Robertson County
1,098 originations
Bradley County
1,054 originations
Loudon County
859 originations
Anderson County
831 originations
Sevier County
758 originations
Madison County
732 originations
Roane County
731 originations
Putnam County
713 originations
Greene County
691 originations
Dickson County
611 originations
Jefferson County
611 originations
Cumberland County
606 originations
McMinn County
596 originations
Coffee County
592 originations
Fayette County
590 originations
Hamblen County
583 originations
Tipton County
554 originations
Cheatham County
531 originations
Marshall County
530 originations
Bedford County
520 originations
Hawkins County
483 originations
Monroe County
453 originations
Gibson County
448 originations
Carter County
421 originations
Franklin County
388 originations
Lawrence County
382 originations
Warren County
342 originations
Lincoln County
331 originations
Rhea County
297 originations
Macon County
296 originations
Campbell County
292 originations
White County
270 originations
Marion County
245 originations
Cocke County
242 originations
Claiborne County
241 originations
Giles County
240 originations
Union County
228 originations
Dyer County
227 originations
DeKalb County
223 originations
Hickman County
214 originations
Henry County
213 originations
Hardin County
212 originations
Grainger County
211 originations
Overton County
202 originations
Obion County
196 originations
Smith County
196 originations
Weakley County
181 originations
McNairy County
179 originations
Henderson County
177 originations
Carroll County
176 originations
Sequatchie County
175 originations
Fentress County
174 originations
Humphreys County
167 originations
Morgan County
154 originations
Chester County
135 originations
Benton County
134 originations
Cannon County
132 originations
Stewart County
132 originations
Unicoi County
131 originations
Lauderdale County
127 originations
Lewis County
125 originations
Hardeman County
124 originations
Trousdale County
123 originations
Meigs County
122 originations
Grundy County
117 originations
Scott County
117 originations
Polk County
116 originations
Bledsoe County
107 originations
Crockett County
103 originations
See Tennessee closing cost details, fee benchmarks, and county comparisons → Tennessee Closing Costs Guide
Found your lender? Make sure their quote is fair.
HMDA data shows industry-wide medians. Your actual quote may differ. Upload your Closing Disclosure or Loan Estimate to see exactly where your fees stand — and get a ready-to-send negotiation email.
Data source: HMDA Modified Loan Application Register 2025, published by the Consumer Financial Protection Bureau (CFPB).
Statistics reflect originated first-lien purchase mortgages on owner-occupied principal residences. Medians exclude loans with exempt or unreported fee disclosures. Learn more at ffiec.cfpb.gov.