The lending specialists at Cambridge Mortgage, Inc. are eager to help you secure the mortgage you need to make your home ownership dreams a reality. Since 1998, our BBB accredited team of lending professionals have helped thousands of home buyers become homeowners. Whether you need a fixed rate, adjustable rate, or balloon mortgage for your Tennessee home, our loan programs are tailored to meet your specific needs.
Referrals & Repeat Business Are the Keys to Our Success
We work hard to ensure you are fully satisfied with our services. Our professionals strive to deliver solutions for the questions you need answered. For our team, each client is our most important client and we deliver an unparalleled level of service that you can depend on at every step of the lending process.
Our dedication to our clients and our attention to every detail of the loan you want have earned our team the reputation as the most trusted name in lending in the region. In fact, the majority of our business comes not from advertising or outreach, but from referrals and repeat customers.
The Cambridge Mortgage Advantage
As a one-stop shop for home buyers, we offer numerous advantages that you can count on all the way to the bank. You can depend on us for:
Instant Review of Your Application
Expedited Application Processing
No Application Fees
A Variety of Loan Options Tailored to Meet Your Mortgage Needs
Reliable Service and Answers at Every Stage of the Process
Convenience for Any Schedule
We keep regular office hours on Monday through Friday, from 8:30am to 5:00pm. Of course, not everyone keeps the same schedule and it is not always possible to leave work or drop children off during these hours. That is why our team is available for personalized appointments on evenings and weekends. This allows you to meet with our team, complete the paperwork, and buy the home you desire without disrupting your daily routine.
Understanding the Lingo of Loans
10 year, 15 year, 30 year fixed mortgages. Adjustable Rate Mortgages (ARMS). Balloon Mortgages. Principal. Interest. Amortization. Closing Costs. The mortgage process is filled with language and terminology you will need to navigate. Our lending specialists help you understand each loan option, and every word within the fine print.
We make sure that you fully understand your loan options, the repayment terms, and your obligations for the duration of the mortgage. We will go over these with you as often as it takes so that you are fully educated and prepared when the time comes to sign on the dotted line.
Preparing for the Loan Process
Every loan is as different as the clients who apply for them. However, the basics of qualifying for the loan are about the same. This is where our lending specialists start when you come to our team seeking a loan. We help make sure that your documentation is squared away before the mortgage application is submitted.
Our team reviews the following to help you secure the right loan for your needs:
Credit scores are a major factor in any loan approval. It is possible to secure a loan with a score as low as 580. However, it is best to have a credit score in the 700’s or higher to secure the best interest rates. Improving a credit score takes time and patience. You should start this process long before you seek a mortgage by checking your scores and removing errors and paying down your debts. Further, if you have bankruptcies, delinquencies, defaults, and other negative information on your report, you should speak with your lender to determine the best ways to address these during the application process.
Lenders require pay stubs, tax returns, and W2’s that show you have the ability to repay the loan. You will need to establish that you have a steady and stable employment history with a corresponding stream of income to establish this. If you are self-employed, our team can help you prepare the documentation and navigate the process so that your decision to hang your own shingle above the door doesn’t interfere with your ability to pursue your home ownership goals.
Most loans require you to put forth a down payment of between 3-20% to secure the loan. However, some loans such as USDA or VA loans do not have this requirement. Our team can help you calculate how much you should put down for the loan you desire and whether you qualify for specialized loan programs that don’t require a hefty down payment.
Pre-approval for a mortgage gives you significant leverage when you start looking at real estate. It is something you should secure before you and your real estate agent start looking at property. Pre-approval helps you narrow your search to properties that fit within your budget. More importantly, it shows sellers that you have the ability to seal the deal when you make an offer. The process can take anywhere between 1-3 days to complete, and it is well worth the short amount of time it takes to go through it. Once pre-approved, you will have between 60-90 days to purchase a home which is more than sufficient time for you to find the perfect property for you and your family.
For fastest service, you will need to have the following documentation ready to go when you submit your application:
- W2’s for the past two years. If you are self-employed, you will need 2 years of tax returns as well as a year to date profit & loss statement.
- Pay stubs for the past 30 days.
- Two months of bank statements for each open account you maintain.
- Divorce decree (if applicable)
- Bankruptcy discharge papers (if applicable)
- Written explanation of past delinquencies, accounts in collections, judgments, or other negative information on your credit report
Reviews on Zillow
If you are looking for a new home or wanting to refinance, you need to reach Lynn Kostadine of Cambridge Mortgage. I have used Lynn Kostadine numerous times. In fact I have used her for 5 Mortgage Loans and 2 refinances. Each time she makes the process simple and a pleasant experience for me. This time was no exception, she came through for me again and searching till she can find the best interest rate for me. She goes the extra mile with me in mind. I highly recommend her and her team if you are looking for a great loan or refinance.
April 7, 2016
My husband and I are both freelance/self-employed . . . and I can't tell you how much banks don't like us right now. But we closed our re-fi last week thanks to Lynn and all her hard work! She got us a great rate and our final payment was lower than our initial quote, too. I cannot recommend her highly enough! Just call her. 🙂
March 7, 2017
It was such a pleasure to work with Lynn Kostadine at Cambridge Mortgage. With her, the mortgage approval process seemed very straightforward and she was always available to answer any questions we had throughout the closing process. I would definitely recommend Lynn and Cambridge Mortgage to all my family and friends!
January 5, 2017
A huge thank you to Lynn and Bobby! Despite many issues with the completion of my home, you guys were there to help me through the process, explain every detail, and were unbelievably responsive!!! I appreciate your partnership in this journey! You made it very easy for me!!!
March 7, 2017
Lynn was a joy to work with from the beginning -- we were referred to her by our realtor and she was absolutely essential to my wife and I being able to get into the home we wanted! We closed two days ago as of my writing this and we move in two days from today, so excited! I honestly don't know what we would've done without Lynn's help and guidance throughout this entire process of buying our home. She works wonderful magic when it comes to helping to make your dreams of buying a home a reality!!! There's nobody I would ever recommend more than Cambridge Mortgage! THANK YOU LYNN!
October 6, 2016