Michelle Tennyson in Chattanooga: Mortgage Broker for Self-Employed and Non-Traditional Borrowers
Michelle Tennyson is a mortgage broker operating in Chattanooga who specializes in securing financing for borrowers with non-traditional income sources, including self-employed professionals, contract workers, and those with complex financial profiles that conventional lenders often reject outright.
What Michelle Tennyson Actually Does
A mortgage broker connects borrowers to lenders rather than lending directly. Tennyson sources loans from multiple wholesale lenders, allowing her to shop rates and terms across 20 to 50+ potential programs instead of confining clients to a single institution's box. For self-employed borrowers in Chattanooga, this flexibility is material. A W-2 employee can walk into a bank, show two years of tax returns, and leave approved. A contractor, sole proprietor, or commission-based earner faces questions about income stability, write-offs, and documentation that vary wildly by lender. Tennyson's role is to match the borrower's financial reality to lenders equipped to underwrite it, reducing rejection risk and often lowering the rate paid in the process.
Services and Pricing Structure
Mortgage brokers earn commission from lenders at closing, typically 1 to 2 percent of the loan amount, paid by the lender, not the borrower. Tennyson's quoted rates and terms should be compared directly to rates offered by credit unions, banks, and direct lenders in Chattanooga; the broker markup is embedded in the rate, not charged as a separate fee. For a $300,000 loan, the effective difference between a broker and a bank might be 0.25 percent annually, or roughly $75 per month, though this varies by loan program and market conditions.
Services typically include pre-qualification, which estimates how much a borrower can afford; loan processing, which gathers documentation; and underwriting support, which advocates for the borrower when a lender requests additional proof of income or assets. Self-employed borrowers often need 1099s, profit-and-loss statements, and bank statements spanning 2 to 3 years; brokers navigate these requests and explain why documentation strengthens the application.
Refinancing, purchase loans, and cash-out refinances are standard offerings. Rates and terms change daily and depend on loan amount, credit score, down payment, and property type; confirm current rates directly with Tennyson before comparison shopping.
How This Compares to Other Chattanooga Mortgage Options
A borrower in Chattanooga can pursue a loan through three channels: a mortgage broker like Tennyson, a direct lender (bank or credit union), or a correspondent lender (a mortgage company that closes loans in its own name but sells them to larger investors).
Direct lenders (such as local Chattanooga banks and credit unions) employ their own underwriters and often move slowly, but they may hold loans or offer programs exclusive to their members. A Chattanooga-area credit union might approve a member at a lower rate than a wholesale lender available to a broker, provided the member's income is conventional. Brokers excel when the borrower's income is layered, irregular, or self-generated, because a broker can route the file to a lender specializing in that profile.
Correspondent lenders like Rocket Mortgage or Better.com offer speed and scale but charge the borrower a markup on rates in exchange for streamlined underwriting; they are effectively a hybrid. For a self-employed borrower, they often reject outright, whereas a broker can still source approval.
Choose a broker for non-traditional income, self-employment, or a complex financial file. Choose a direct lender if you are a credit-union member with stable W-2 income and want lower rates tied to membership. Choose a correspondent lender if you want fast, transparent underwriting and do not mind paying slightly more in rate.
Who This Suits and Who It Does Not
Tennyson's specialty is self-employed borrowers: contractors, consultants, small-business owners, and commission-based earners. Borrowers with two years of self-employment tax returns and clean credit benefit most. Borrowers applying within the first year of self-employment will struggle regardless of broker; lender guidelines require seasoning.
This also suits borrowers with multiple income sources, recent job changes, or significant assets that offset lower documented income. Borrowers who have owned a home and understand their credit profile, down-payment options, and closing costs are easier to serve.
A borrower with pristine W-2 income, a 750+ credit score, and a conventional down payment may find a direct lender or credit union offer better rates and faster closing.
What the First Appointment Involves
Initial contact is typically by phone or email. Tennyson gathers basic information: income type, approximate credit score, down payment amount, and desired loan amount. From there, she pre-qualifies the borrower, outlining what programs likely exist and what documentation will be needed.
For self-employed borrowers, expect a request for two years of personal tax returns and two months of bank statements. Business tax returns are often required as well. This information is used to calculate debt-to-income ratio and available cash reserves, which determine approval odds and rates.
The borrower then chooses a lender from Tennyson's options, locks a rate, and proceeds to application and underwriting. Closing typically occurs 30 to 45 days after application, depending on underwriting complexity.
Hours, Contact, and Logistics
Confirm current hours and contact method directly before reaching out, as mortgage brokers often operate by appointment rather than walk-in availability. Payment and closing occur electronically or at a title company; there is no physical office visit required.
Michelle Tennyson's brokerage serves Chattanooga borrowers who cannot fit a bank's mold and need an advocate who speaks the language of non-traditional income.
