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Which Texas Mortgage Company is Right for You? Helpful Tips and Information

November 4, 2022 | By Mendy Rimler
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Looking for the Texas mortgage company that’s right for you? It’s not as straightforward as an online search!

Your home is a major purchase - possibly the largest financial investment you’ve ever made. You need to make sure you get it right! And that can all start with working with the right mortgage lender. 

When it comes to finding a Texas mortgage company, you have a lot of options. So how do you know which one is right for you? And are Texas mortgage lenders different than national ones? Our mortgage experts are here to answer all of your questions and help you get started on your home loan journey. So whether you are buying a new home or refinancing your current one, we have you covered!

Finding Mortgage Lenders in Texas

When it comes to finding mortgage lenders in Texas, there are a few different ways to go about it. You can search online, sure, but you may end up with ads or, worse yet, scams. You can always ask family and friends for recommendations, but what if you don’t know anyone locally who has bought a home recently? 

Finding the right Texas mortgage company will take a bit of research and dedication. But securing a great loan with as little hassle as possible will make it all worthwhile. Trust us!

Are Texas Mortgage Lenders Different than National Ones?

The answer to this question is both yes and no. Texas mortgage lenders are subject to the same rules and regulations as national lenders. However, Texas does have its own set of unique laws when it comes to home loans. 

For example, Texas is one of a handful of states that allows borrowers to get a home equity loan to refinance their mortgage. It also has other rules and restrictions regarding refinancing loans. So if you are considering refinancing your Texas home loan, be sure to research the specific laws and requirements beforehand.

Additionally, if you are a first-time homebuyer, Texas has a wide range of buyer assistance programs that you may qualify for. There are also national loan programs, like VA loans and USDA loans, that greatly impact Texas homebuyers. For example, Texas has the second highest number of veterans of any state in the U.S., meaning nearly 1.6 million Texas veterans could qualify for a VA home loan!

Best Texas Mortgage Lenders

Here are three of the BEST Texas mortgage lenders you should research and consider:

Rocket Mortgage/Quicken Loans

Rocket Mortgage -formerly Quicken Loans- offers a wide variety of loan programs, competitive rates, and excellent customer service. It’s also a great option for buyers with lower credit scores, and its online system makes it easy to get pre-qualified for a loan amount in minutes.

However, a big downside is that Rocket Mortgage runs a hard inquiry to provide personalized interest rates, which means your credit score may take a small hit. Additionally, it doesn’t offer USDA loans, HELOCs, construction loans, or mortgages for mobile homes.

LoanDepot

LoanDepot has no application fees or prepayment penalties for any of its loans, with quick preapproval.

Unfortunately, LoanDepot Mortgage rates aren't available online. Instead, you'll need to contact a loan officer. Additionally, it does not offer home equity loans or lines of credit.

Texas United Mortgage

If you're buying a home in Texas, it pays to go with a local market expert. The team at Texas United Mortgage understands the specific needs of local homebuyers and can provide insider knowledge. 

For example, the Texas State Affordable Housing Corporation (TSAHC) provides up to 5% in down payment and closing cost assistance to qualified borrowers but has very specific eligibility requirements. You want a mortgage lender who knows the ins and outs of all things Texas! Texas United Mortgage offers a variety of mortgage loans: FHA loans, VA loans, USDA loans, jumbo loans, and refinancing.

Texas United Mortgage has 14 offices across Texas - but is not currently available outside the Lone Star State.

What to Expect from a Great Mortgage Lender

No matter which Texas mortgage lender you choose, there are a few things you should always expect.

-customer service

First and foremost, look for excellent customer service. You should feel confident and comfortable working with your loan officer from start to finish. They should be available to answer any and all of your questions, no matter how small.

-low rates & fees

Secondly, low rates and fees. Be sure to compare rates and fees from multiple lenders before making a decision. Always ask what costs are associated with your loan, and be sure to factor them into your overall decision.

-handles a variety of mortgages

Lastly, a great Texas mortgage lender should be able to handle a variety of different types of mortgages. Whether you are looking for a new home loan, mortgage refinance, or even an FHA loan, they should be able to help you.

Types of Mortgage Loans

As we said, your Texas mortgage lender should be able to help you secure a great home loan, no matter the type. But what are those home loan types?

-new home loans

These are loans for people who are looking to purchase a new home. If you are a first-time home buyer, there are many programs and resources available to help you secure a new home loan.

-mortgage refinance

If you already have a home loan and are looking to lower your interest rate or monthly payments, you may want to consider refinancing. Texas law requires borrowers to get a home equity loan in order to refinance their mortgage, so be sure to do your research before moving forward.

-FHA loans

FHA loans are a type of home loan that is insured by the Federal Housing Administration. These loans are available to both first-time home buyers and those who have already owned a home.

-VA loans

VA loans are home loans that are available to veterans and active-duty military members. If you are eligible, these loans can offer some great benefits, such as no down payment and low interest rates.

-USDA loans

USDA loans are another type of home loan that is available to people who are looking to purchase a home in a rural area. These loans can offer some great benefits, such as zero down payment and low interest rates.

Getting Started on Your Home Loan

Now that you know more about Texas mortgage companies, it's time to get started on your home loan. Once you've found a lender you're comfortable with, the next step is to complete a loan application. Be sure to have all of your financial documents ready, as this will speed up the process. Once your loan is approved, the final step is to close on your new home. Get started today!

 

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