The First Horizon National Corp. offers regional banking, wealth management, and capital market services through their First Horizon “family of companies.” Their companies include more than 170 First Tennessee Bank and FTB Advisors locations in and around Tennessee and 27 FTN Financial offices in the U.S. and abroad. They offer their services to individuals, businesses, corporations and institutions. This review will concern itself with the home loans offered to individuals through the First Tennessee Banks.
Loan Options Offered to Clients Through Personal Service
Unlike other banking institutions, the First Tennessee Bank does not pretend to be able to educate their clients about home loans beyond the most elementary level. They have a website that describes their financial products in the sparsest of terms to encourage their clients to depend on the expertise of their loan counselors. They do not specifically list the types of mortgage loans that are supported by the bank. Rather, they describe their loan offerings in the broadest of terms. They claim to offer flexible terms, flexible payment options, a strong, lasting commitment to customer service. Beyond that they promise to provide clients with dedicated, knowledgeable loan officers, an easy-to-understand loan process and competitive terms, whatever that may mean.
Hard to Compare Loans and Costs without the Details
The costs of the loan as far as fees and service charges are not as clearly described or centered in this company’s description of their services as their broad claims of superiority. Remember, all retail home loan companies charge you for the privilege of their expertise and service in setting up, evaluating and processing the loan application. The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan.