10 Best Austin Mortgage Lenders of 2022 - NerdWallet Advertiser disclosure
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Looking for an Austin mortgage lender? We've researched the city’s top lenders, selecting the best in various categories. NerdWallet Jan 6, 2022 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Austin is a tech hub, the state capital and home to the University of Texas. It's no surprise that the city is growing rapidly. The surging population needs places to live, and plenty of mortgage companies are competing to help Austin home buyers realize the American dream. NerdWallet has rounded up this list of national and regional mortgage lenders that we have reviewed, and that do a lot of lending in Austin. In addition, we've listed some locally based lenders that we have not reviewed, but which do plenty of business in Austin. » MORE: Find out about Texas first-time home buyer programs Austin is a tech hub, the state capital and home to the University of Texas. It's no surprise that the city is growing rapidly. The surging population needs places to live, and plenty of mortgage companies are competing to help Austin home buyers realize the American dream. NerdWallet has rounded up this list of national and regional mortgage lenders that we have reviewed, and that do a lot of lending in Austin. In addition, we've listed some locally based lenders that we have not reviewed, but which do plenty of business in Austin. » MORE: Find out about Texas first-time home buyer programs Best Austin Mortgage Lenders
LenderNerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Min. credit score Minimum credit score on top loans; other loan types or factors may selectively influence minimum credit score standardsMin. down paymentLearn more Guaranteed Rate NMLS#2611Learn more at Guaranteed Rate 5.0/5 Best for online experience620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:6203%Guaranteed Rate offers conventional loans with as little as 3% down.Learn more at Guaranteed Rate Quicken Loans NMLS#3030Learn more at Quicken Loans 4.0/5 Best for Refinancing620 CASHOUT:620VA:620JUMBO:N/AFHA:580CONVENTIONAL:6203%On conventional loans, Quicken offers down payments as low as 3%.Learn more at Quicken Loans Fairway Independent Mortgage NMLS#2289Learn more at Fairway Independent Mortgage 3.5/5 Best for online experience620 CONVENTIONAL:620FHA:580JUMBO:N/AUSDA:620VA:6403%Fairway Independent Mortgage offers conventional mortgages with flexible terms and mortgage insurance options on down payments less than 20%.Learn more at Fairway Independent Mortgage loanDepot NMLS#174457Read review 4.0/5 Best for FHA loans580 JUMBO:N/AVA:620FHA:580CONVENTIONAL:6203.5%LoanDepot offers loans with as little as 3.5% down to qualified first-time home buyers.Read review PrimeLending NMLS#13649Read review 3.5/5 Best for VA loans580 CONVENTIONAL:620FHA:580JUMBO:N/AUSDA:620VA:5800%On VA loans, PrimeLending offers down payments as low as 0%.Read review Caliber NMLS#15622Read review 3.5/5 Best for VA loans580 VA:580USDA:N/AFHA:580CONVENTIONAL:620JUMBO:6800%On VA loans, Caliber offers down payments as low as 0%.Read review Guild Mortgage NMLS#3274Read review 3.5/5 Best for FHA loansN/A VA:N/AUSDA:N/AJUMBO:N/AFHA:N/ACONVENTIONAL:6203.5%Guild Mortgage offers conventional loans with as little as 3% down.Read review Flagstar NMLS#417490Read review 5.0/5 Best for refinancing620 USDA:660VA:660JUMBO:N/AFHA:640CONVENTIONAL:620CASHOUT:N/A3%Flagstar offers 3% down payments on conventional loans for first-time home buyers.Read review Chase NMLS#399798Read review 4.5/5 Best for jumbo loans N/A20%Read review Bank of America NMLS#399802Read review 4.0/5 Best for jumbo loans720 CONVENTIONAL:660FHA:600JUMBO:720VA:62015%Bank of America provides jumbo loans with as little as 15% down.Read reviewLearn more at Guaranteed Rate Guaranteed Rate NMLS#2611
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 VA:580USDA:620JUMBO:N/AFHA:600CONVENTIONAL:620 Min. down payment3% Guaranteed Rate offers conventional loans with as little as 3% down. View details Learn moreat Guaranteed Rate View details Why we like it Good for: borrowers seeking a solid variety of loan types, including jumbo and interest-only options, and a totally online experience. Pros Displays detailed sample rates for many of its loan products. Offers a wide variety of loans, including jumbo and interest-only products. Offers low rates compared with other lenders, according to the latest federal data. Cons Doesn't offer home equity loans.Read Full ReviewLearn more at Quicken Loans Quicken Loans NMLS#3030
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CASHOUT:620VA:620JUMBO:N/AFHA:580CONVENTIONAL:620 Min. down payment3% On conventional loans, Quicken offers down payments as low as 3%. View details Learn moreat Quicken Loans View details Why we like it Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service. Pros Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary. Estimates the loan amount you’ll qualify for within minutes. Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter. Cons Getting a customized interest rate requires a credit check, which can affect your credit score. Doesn't offer home equity loans or lines of credit. Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.Read Full ReviewLearn more at Fairway Independent Mortgage Fairway Independent Mortgage NMLS#2289
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 CONVENTIONAL:620FHA:580JUMBO:N/AUSDA:620VA:640 Min. down payment3% Fairway Independent Mortgage offers conventional mortgages with flexible terms and mortgage insurance options on down payments less than 20%. View details Learn moreat Fairway Independent Mortgage View details Why we like it Good for: borrowers who want access to a wide variety of mortgages, including renovation loans and ITIN loans. Pros Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Mortgage rates for different types of loans aren't posted online. Origination fees are on the high side compared with other lenders, according to the latest federal data.Read Full ReviewRead review loanDepot NMLS#174457
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 JUMBO:N/AVA:620FHA:580CONVENTIONAL:620 Min. down payment3.5% LoanDepot offers loans with as little as 3.5% down to qualified first-time home buyers. View details Read reviewView details Why we like it Good for: borrowers who want an easy online application and a variety of loan types to explore. Pros Has branches across the country for customers who prefer face-to-face service. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Mortgage interest rates tend to be on the lower end, according to the latest federal data. Cons Mortgage rates aren't available online; you'll need to contact a loan officer. Doesn't offer home equity loans or lines of credit.Read Full ReviewRead review PrimeLending NMLS#13649
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 CONVENTIONAL:620FHA:580JUMBO:N/AUSDA:620VA:580 Min. down payment0% On VA loans, PrimeLending offers down payments as low as 0%. View details Read reviewView details Why we like it Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home. Pros Full online application includes document uploads and automated loan updates. Offers a "float-down" interest rate lock. Offers government-backed mortgage and refinance options, including FHA, USDA and VA loans. Cons No online mortgage rates — you have to contact the lender for info. Doesn't offer home equity products.Read Full ReviewRead review Caliber NMLS#15622
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score580 VA:580USDA:N/AFHA:580CONVENTIONAL:620JUMBO:680 Min. down payment0% On VA loans, Caliber offers down payments as low as 0%. View details Read reviewView details Why we like it Good for: first-time home buyers, veterans and those who may have credit challenges to overcome. Pros Offers extensive educational resources for military borrowers. Participates in some down payment assistance and first-time home buyer programs. Cons No mortgage rates displayed online. Doesn’t offer home equity loans or lines of credit.Read Full ReviewRead review Guild Mortgage NMLS#3274
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit scoreN/A VA:N/AUSDA:N/AJUMBO:N/AFHA:N/ACONVENTIONAL:620 Min. down payment3.5% Guild Mortgage offers conventional loans with as little as 3% down. View details Read reviewView details Why we like it Good for: borrowers who value customer service, and first-time home buyers and others who may need the flexibility of a low-down-payment loan program. Pros Offers a wide variety of loan products, including home improvement loans and mortgages for manufactured homes. Has retail branches in most states. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Does not offer home equity loan products. Origination fees tend to be higher, according to the latest federal data.Read Full ReviewRead review Flagstar NMLS#417490
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score620 USDA:660VA:660JUMBO:N/AFHA:640CONVENTIONAL:620CASHOUT:N/A Min. down payment3% Flagstar offers 3% down payments on conventional loans for first-time home buyers. View details Read reviewView details Why we like it Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone. Pros Offers a wide range of loan types and products, including FHA, VA and USDA. Has a full suite of online conveniences. Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable. Cons Home equity loans are geographically limited.Read Full ReviewRead review Chase NMLS#399798
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.National / regionalNational Min. down payment20% View details Read reviewView details Why we like it Good for: borrowers who want a wide selection of loan products, an in-person experience and comparatively low interest rates. Pros Carries a wide variety of mortgage types and products, including DreaMaker and Standard Agency mortgages, with down payments as low as 3%. Offers low rates compared with other lenders, according to the latest federal data. Offers a customizable mortgage calculator for personalized rate and payment estimates. Cons Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle. You have to speak with a home loan adviser to complete the application. Home equity lines of credit (HELOC) are currently unavailable.Read Full ReviewRead review Bank of America NMLS#399802
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.Min. credit score720 CONVENTIONAL:660FHA:600JUMBO:720VA:620 Min. down payment15% Bank of America provides jumbo loans with as little as 15% down. View details Read reviewView details Why we like it Good for: first-time home buyers looking for low- or no-down-payment options and homeowners interested in a home equity line of credit. Pros Offers down payment and closing cost assistance programs. May give existing customers a discount on mortgage lender origination fees and HELOC interest rates. Receives high marks for customer satisfaction, according to J.D. Power and Zillow. Cons Doesn't offer renovation loans that roll costs into a mortgage.Read Full Review Local mortgage lenders in Austin
These lenders are based in Austin, know the city well and are experienced in mortgage lending. They have not been reviewed by NerdWallet. UNIVERSITY FEDERAL CREDIT UNION
Plenty of mortgage options from one of Austin's busiest mortgage lenders. Offers an array of fixed-rate and adjustable-rate mortgages. Products include VA loans for active-duty military and veterans; Community Hero loans for teachers, firefighters, police officers and military; and Medical Community loans for doctors and nurses. Mortgage services from application to closing are handled by UFCU and not outsourced to a third party. Loans to buy land are available. Members may use a mobile app to begin the application process. Capstar Lending
Works with home buyers who want to participate in Texas' home buyer assistance programs. Participates in Texas bond programs to provide down payment assistance as well as tax credits. Conventional loans with minimum 3% down payment and minimum credit score 620. Offers FHA loans with minimum 620 credit score and VA loans, which don't require a down payment. Sente Mortgage
Offers borrowers a wide choice of mortgage programs from a homegrown lender. Offers fixed-rate, adjustable-rate, VA, USDA, FHA, jumbo and construction loans. You can start the application online and track the mortgage status. Click to schedule a call from a loan officer if you prefer to speak to someone before or during application. A Federal Credit Union
Options for home buyers and refinancers who want to get a mortgage from a local credit union. Offers 15- and 30-year fixed-rate loans and 5/5 and 10/10 ARMs. Down payments on fixed-rate loans as low as 5%. Apply for a mortgage pre-qualification online in English or Spanish. Join by making a one-time $10 payment to the A+ Education Foundation or being affiliated with a qualifying school, business or organization. More from NerdWallet Find first-time home buyer grants in Texas Compare Texas mortgage rates Calculate your Texas mortgage payment Last updated on January 6, 2022 Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team. To recap our selections... NerdWallet' s Best Austin Mortgage Lenders of 2022
Guaranteed Rate: Best for online experienceQuicken Loans: Best for RefinancingFairway Independent Mortgage: Best for online experienceloanDepot: Best for FHA loansPrimeLending: Best for VA loansCaliber: Best for VA loansGuild Mortgage: Best for FHA loansFlagstar: Best for refinancingChase: Best for jumbo loansBank of America: Best for jumbo loans About the author
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