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Home Purchase/Refinance

Home Purchase - Home Buying Tips

We'll Guide You Every Step Of The Way

F&M mortgage lenders will take the time- to personally lead you through the home loan application  process.  You can meet with one of our F&M mortgage lender in person or one can help you over a phone conversation.  You can also apply online and promptly receive a response.  Click here to find an F&M mortgage lender and start the journey to buying your new home!


At F&M Mortgage you’ll find a variety of competitive mortgage loans and helpful services to suit your needs.  Your F&M mortgage lender  will help you determine the right type of loan by explaining payment options and terms.  You can also explore special loan programs such as VA, FHA, and THDA click here for home financing programs.  We’ll work closely with you to select a mortgage that is a SMART CHOICE for you!

Pre-Qualify For Your Loan ... Then Go House-Hunting

An important step in purchasing a home is determining what you can afford to spend on the monthly mortgage payment.  After evaluating your financial situation, you may be pre-qualified with an estimate of a purchase amount.  Then you’ll be ready to shop for the homes that are in your price range….saving you time, effort and money. Let F&M pre-qualify your application so that you can shop with confidence when making an offer on a new home.

Once you have found a home your mortgage lender may request additional financial, employment and personal information.  Providing complete, accurate information, will result in a faster process, approval and closing of  your loan.

The Loan Closing

Before closing day, we’ll give estimates of your closing costs so you can plan your expenses. Closing costs vary depending on financing, but they generally include items such as down payment, appraisal fees, prorated property taxes, insurance, attorney’s fees, and lender’s fees and expenses.


The final stage in the loan process is the Loan Closing. It’s the date on which the title for the property passes from the seller to the buyer… and the day you take legal ownership of your new home!

Click here for Calculators

Fixed Vs. ARM

Types of Loans 

Fixed Rate Loans

The fixed rate mortgage is the most common type of mortgage product.  In addition to being simple, it provides the peace of mind of a set monthly payment (principle and interest) that do not change over the term of the loan.  The loan balance is reduced monthly over the set term of the loan, and there is no prepayment penalty for making additional payments to principle.  This is ideal for someone who wants the peace of mind of a set payment, regardless of fluctuations in the financial markets. 

Adjustable Rate Loans

Adjustable rate mortgage allow the borrower to take advantage of short term rates, generally resulting in lower initial monthly payments than fixed-rate mortgages.  The interest rate resets at the end of the rate term, usually resulting in a lower amount of principle to re-price, or refinance.  This is ideal for someone who is interested in qualifying for a larger loan, lower payments, and the ability to save money in the short-term.  Borrowers who are comfortable taking on risks or who feel their income will increase to cover possible payment increases often make this choice. 

Click here for Calculators

Home Loan Financing*

F&M Bank offers several government-sponsored home ownership incentive programs. These financing options are designed to lower your interest rate, down payment amount and/or closing costs. Here are a few examples:

  • Federal Housing Association (FHA) Loans – FHA financing is available with low down payment options and sometimes, closing costs can be included into the loan amount to further reduce up-front costs.
  • Veterans Affairs (VA) Loans – VA financing available to qualified military veterans with at least six months of active duty. This loan is also available to the unmarried spouses of a deceased veteran whose death was service related, or spouse of an MIA or POW.
  • Tennessee Housing Development Association (THDA) Loans – First-time buyers, or those who have not owned a home within at least three years, may qualify for these lower-down-payment loans (financing is subject to the availability of state funding).
  • USDA-Rural Development Loans - With this program, financing is available for rural properties provided program guidelines are met. The rates are very competitive and you do not have to be a first time homebuyer.

*For all of the products listed (i.e., FHA, VA, THDA, and USDA Program) the interest rate and terms are subject to credit review and approval. 

Home Refinance

Refinance and Save!

When interest rates drop by at least 1.00% below your existing loan rate, it may be a money-saving SMART CHOICE to refinance your loan. Contact F&M Bank to help you determine if refinancing can help you:

  • Reduce Your Interest Rate – A lower interest rate means lower payments
  • Reduce Your Mortgage Term ... And Pay Off The Loan Faster – Refinancing to a shorter term mortgage can save you interest charges over the life of the loan
  • Convert Your Equity Into Instant Cash – Borrowing against the equity in your home can be a low-cost and often tax-deductible way to get extra money (please consult with your tax adviser). Plus, mortgage interest rates are usually lower than other types of consumer loans. We can help you unlock cash from your home's value with a Home Equity Line of Credit that allows you to "write yourself a loan" at your convenience ... or a fixed term Home Equity Loan (subject to separate application and approval).

Click here for Calculators

Meet Our Mortgage Team and APPLY ONLINE!