Top Mortgage Lenders in Texas

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If you are looking to buy a home in Texas, you need to find a mortgage lender. Many lenders are licensed to do business nationwide or in most states, so although you are buying a home in Texas, your lender does not have to be there.

With prices averaging $ 195,000 in Killeen to nearly $ 400,000 in the booming capital Austin, according to data Texas Association of RealtorsHow much mortgage you need depends on where you want to call. Here’s a rundown of some of the best mortgage lenders in texas


Methodology

To determine the best mortgage lenders by state, Bankrate ranked lenders on several criteria, including affordability (annual interest rate and commissions); expediency (time of agreement and closing); and experience (including customer support). In general, the best mortgage lenders have high bank rate ratings and high borrower ratings.


Top Mortgage Lenders in Texas

Better.com

The lender’s name speaks for itself: Better.com, also known as Better Mortgage, is committed to improving the mortgage process in Texas and most other states. The biggest advantage of working with this lender is that you will save money and time: Better does not charge any fees for filing, ordering or underwriting; rate quotes are returned in just a few seconds; and you preliminary approval The letter needed by serious buyers in today’s marketplace takes only three minutes. Better also has the best credit rating among lenders reviewed in Texas, although it’s important to note that some borrower reviews indicate that the lender could have worked harder to live up to its name, with a 3.8 out of 5 customer rating. some competitors.

First Mortgage Direct

You will manage your mortgage lending process completely online with First Mortgage Direct, First Mortgage Solutions’ online lending arm, with the added benefit that you never feel like you need to act immediately – the lender explicitly states that it does not advertise which -or restrictions – time suggests to seduce borrowers. As you go through the fast online process, you can count on prequalification within 24 hours with this lender, and most borrowers close within 30 days. You can also be sure to avoid any unpleasant surprises as First Mortgage Direct does not promise any clearance fees and no hidden fees in general.

LoanMonkey

Since you are buying a home in Texas, you are one of the few who can work with LoanMonkey, which currently only operates in California and Texas. As long as LoanMonkey is mortgage brokerA non-lender company can help you find the best mortgage for your situation and get a clear idea of ​​every fee you will pay, all online. Calling its process “Universal Internet Mortgage”, the broker also allows you to sync your banking information online and skip downloading any documents. However, the broker is relatively new to the business and launched in 2019.

LowRates.com

LowRates (or LowRates.com) aims to offer borrowers substantial savings that can be obtained, you guessed it, at low interest rates. While your upfront expenses with this lender include a $ 1,495 registration fee, there are many reasons to consider low rates for your Texas mortgage: an approval and underwriting process that takes less than 24 hours, down payment assistance options, and enthusiastic reviews of borrowers. While you need to be confident with this online lender, it’s important to note that if you really want to speak to someone in person, the Sun West Mortgage Company, which operates LowRates, has six offices in Texas.

Federal Credit Union of the Navy

If you are a member of the military or have a family member who has served, add the Navy Federal Credit Union to your review list. The credit union does not charge processing or underwriting fees, and it also offers some additional assurance that you are getting the best deal, including the ability to re-lock your rate. While you must be eligible for a membership, you can also take advantage of additional banking and other financial needs, including free access to ATMs and branches in San Antonio, Houston, Dallas and other parts of the state.

Rocket mortgage

While Rocket Mortgage lacks online commission information, a lender affiliated with Quicken Loans also has many benefits: floating rate lock, customer service available via live chat, and low-cost payment options to name just some of them. However, the biggest plus could be borrower testimonials: Ninety-nine percent of the more than 2,000 borrowers who studied Rocket Mortgage on Bankrate would recommend a lender to others.

Home Loans Texas Trust

Texas Trust Home Loans prides itself on helping you avoid some of the additional fees associated with obtaining a mortgage. This lender, affiliated with American Heritage Capital, does not have any application or processing fees, but as with other lenders, you may have to pay fees such as a valuation, which is an average of 490 for this lender. dollars. While Texas Trust ranks slightly lower in terms of bank rating (4.3 out of 5), it makes up for that on the crowdsourcing side: with nearly 600 reviews from borrowers, the lender has an ideal rating of 5.0.

Texas-compliant credit limits

When you are working on securing a mortgage, it is important to note that not only your lender has requirements for approval. The amount you borrow may be lower corresponding limits depending on your loan. If it is a regular mortgage, the limit is $ 548,250 – the limit set by the Federal Housing Finance Agency in 2021. If supported by the FHA, your budget should be lower. In most Texas counties, FHA loans cannot exceed $ 356,362 in 2021. However, there are certain exceptions in the more expensive markets. You can view the list of County by County Bankrate loan limits in Texas before you start looking for a home.

Texas First Buying Programs

If you are first time home buyer in TexasYou can apply for assistance through the Texas Department of Housing and Public Affairs. Programs through this organization can help you get some of the lowest interest rates and help you get up to 5 percent down payment.

Eligibility depends on several key factors, including your credit score and income and purchase price limits… In some cases, you may have limitations in choosing a lender you can work with, so start looking for a mortgage with the Texas Department of Housing and Public Affairs. list of approved creditors

Why is it profitable to shop for a mortgage lender

You probably won’t buy the first home you see, and you should take the same approach to finding a lender for your mortgage. The interest rate is important, but it’s not the only part that matters – lenders charge different amounts for creation fees, and they often have different average closing dates. In addition, research shows that shopping around translates to savings: Research by Freddie Mac showed that borrowers who received five different rates were able to save on average almost $ 3,000 over the life of the loan. Simply put, getting more offers means spending less money.

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