Home Loan Solutions in the State of Texas
Texas, the second largest state by both land area and population, is consistently among the most popular places to buy a home in the U.S. Home to 54 Fortune 500 companies and thriving petrochemical, energy, and biomedical industries, Texas would be the 10th largest economy in the world if it were its own country (which is something that some Texans would still prefer!) Fortunately, our state-based group of home financing experts is ready and waiting to teach you about the best home loan options in the Lone Star State. Right now, the median home listing price in Texas is $269,900, which is about $10,000 more than the U.S. median home listing price of $261,500.
The most expensive place in Texas to buy a home in 2018, with a median home listing price of $1,494,500, is University Park. While not nearly as pricey, other expensive places to buy a home include Coppell, with a median home listing price of $484,618, and Austin, with a median home listing price of $389,000. Despite those relatively high price tags, not everywhere is so expensive; in Dallas, the median home listing price is $280,800, just a little more than the statewide average, and, in Arlington, the median home listing price is even less expensive, at $225,000.
Here at home.loans, our one and only goal is to help you borrow with confidence -- especially if you're considering buying a home in Texas. No matter if you're a first time home buyer, want to take advantage of a short sale, want to get an energy efficient mortgage, or are interested in taking out an FHA loan or conventional loan, we have the knowledge and expertise to guide you throughout your journey to home ownership and greater financial freedom.
Best Texas Mortgage Lender: Fairway Independent Mortgage Corporation
A rapidly growing name in the national home finance industry, Fairway Independent Mortgage Corporation is one of the best options for conventional, FHA, and VA financing across the country. Home buyers will agree that it’s actually pretty easy to find a Fairway location when its time to get a home loan. Beyond that, their customer service is well known to be top notch.
Fairway Independent Mortgage Corporation has stunning reviews from its client base over the years. One thing they seem to excel in is cutting down the closing costs that borrowers are expected to pay at the end of a mortgage transaction, as well as facilitating a faster closing.
Fairway may very well be the best option for first time home buyers on this list. Their attention to detail and completely transparent methodology is perfect for obtaining a mortgage loan at a great rate in a stress-free environment.
Best Texas Mortgage Refinance Lender: Premier Nationwide Lending
With an amazing track record on the home finance market, Premier Nationwide Lending is not just a fancy sounding name. One look at their reviews, and it's easy to understand why.
Clients who have obtained home loans through Premier have almost nothing negative to say about the company or its expert loan officers. Many have marveled at the speed and efficiency of the Premier Nationwide Lending team, and refuse to seek any other mortgage lender for future transactions.
Obtaining a mortgage refinance through Premier is no exception, and home buyers can expect 5 star service throughout the entire refinance process from a highly experienced and knowledgeable loan officer. They may even be able to provide lower rates than any of the competition!
Best Texas FHA Mortgage Lender: Rocket Mortgage by Quicken Loans
While Rocket Mortgage by Quicken Loans is available throughout the country (not just in Texas), that doesn’t make it any less of a good choice. Rocket Mortgage’s streamlined online application process means that you can get pre-approved for an FHA mortgage in just a few minutes.
Plus, their easy-to-access website offers loan tracking, so you can see when you get approved. It’ll also show you what additional information you may have to provide if you didn’t get approved.
While their online service is highly-rated, you can still get help on the phone from one of their FHA loan officers if you have questions or need a little bit of extra assistance with the mortgage application process.
Best Texas VA Mortgage Lender: United Services Automobile Association (USAA)
The United States Automobile Association was originally founded in San Antonio, Texas back in 1922 as a way for Army officers to secure affordable auto insurance, but has since evolved into one of the largest and most trusted banking and lending institutions in the country. The USAA is now a Fortune 500 giant, and the 100th largest corporation in the United States (by total revenue).
When it comes to home finance, there is no surprise that the USAA is one of the biggest VA home loan lenders in the entire country. As a company founded by soldiers almost a century ago, the commitment, respect, care, and dedication to serving the needs of the brave men and women who serve our country has never once wavered.
The USAA has employed expert loan officers who make it their duty to make sure that every loan product, particularly their VA loans, is the best possible mortgage solution for their clients. As a home buyer, there are hardly any lenders who come close to providing such excellent customer care while delivering a mortgage loan that has just the right terms and is still impressively affordable.
Best Texas Home Equity Lender: Wells Fargo Bank
Regardless of who you choose to bank with, there is no denying that Wells Fargo is a huge player in the world of home finance. Home Loans, Mortgage Refinancing, Home Equity Loans, Helocs -- They do it all.
Wells Fargo is actually one of the nation’s largest residential lenders. They have endless experience originating and refinancing affordable mortgage products, and working with borrowers to ensure that they can obtain the best home loan for their financial situations.
Wells Fargo only offers home equity lines of credit, no home equity loans. Their HELOC carries a minimum loan amount of $25,000, and a maximum of $500,000. Borrowers are required to have a credit score of no less than 621, while the HELOCs have a maximum LTV of 85%.
While many of the bigger lending institutions impose strict eligibility requirements for their borrowers, The folks at Wells Fargo offer some flexibility to their clients. Along with flexibility, past clients have consistently pointed out that second mortgages from Wells Fargo have lower rates and upfront costs than is typically accepted.
Shop Around Before You Get a Texas Home Loan
Our picks for the best mortgage lenders in Texas may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal mortgage solution that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!