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10 Best Austin Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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Looking for an Austin mortgage lender? We've researched the city’s top lenders, selecting the best in various categories.

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 is all about simplifying your search for the right mortgage lender for you. We have 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.

NerdWallet recommends that you shop at least three mortgage lenders to increase your chances of getting a great deal on your home loan.

These national and regional lenders serve mortgage borrowers in most or all states, and they are among the most popular providers in Austin.

Summary of Best Austin Mortgage Lenders of 2020

LenderNerdWallet Rating Minimum Credit Score Minimum Down PaymentLearn More

Quicken Loans: NMLS#3030

at Quicken Loans

Best for Refinancing

620

3%

at Quicken Loans

Flagstar: NMLS#417490

Best for refinancing

620

3%

Read review

loanDepot: NMLS#174457

at loanDepot

Best for FHA loans

620

3.5%

at loanDepot

Guaranteed Rate: NMLS#2611

Best for online experience

620

3%

Read review

PrimeLending: NMLS#13649

Best for VA loans

620

3%

Read review

Bank of America: NMLS#399802

Best for jumbo loans

620

3%

Read review

Caliber: NMLS#15622

Best for VA loans

620

3%

Read review

Fairway Independent Mortgage: NMLS#2289

at Fairway

Best for online experience

620

3%

at Fairway

Chase: NMLS#399798

Best for jumbo loans

620

3%

Read review

Guild Mortgage: NMLS#3274

Best for FHA loans

620

3%

Read review
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at Quicken Loans

Quicken Loans: NMLS#3030

Logo

Min. Credit Score

620

Min. Down Payment

3%

at Quicken Loans


Why we like it

Ideal choice for convenience and quick-response customer service. Quicken Loans provides just about all the services your neighborhood lender does — with online convenience.

Pros

  • Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.

  • Instantly verifies employment and income for more than 60% of working Americans.

  • Offers custom fixed-rate loan terms that are between eight and 30 years.

  • Provides FHA-backed loans, USDA loans as well as products offered by Freddie Mac and Fannie Mae that require down payments as low as 3%.

Cons

  • Quicken Loans doesn't offer home equity loans or HELOCs.

  • If you’re a “look me in the eye” type of customer, you’re out of luck.

  • Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.

Read Full Review

Flagstar: NMLS#417490

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Min. Credit Score

620

Min. Down Payment

3%


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.

  • Does well with rate transparency, and monthly payment estimates add mortgage insurance, when applicable.

Cons

  • Doesn’t offer renovation loans at this time.

  • Home equity lending is geographically limited.

Read Full Review
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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

3.5%

at loanDepot


Why we like it

Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.

Pros

  • Offers digital income, asset and employment verification.

  • Has over 150 affiliated loan stores nationwide for customers who prefer face-to-face service.

  • One of the nation’s most active lenders of FHA and VA loans.

Cons

  • Published mortgage rates include up to three points of prepaid interest and fees.

  • Does not offer home equity loans or lines of credit.

Read Full Review

Guaranteed Rate: NMLS#2611

Logo

Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who meet robust guidelines.

Pros

  • Works with most borrowers as long as they have good credit scores and incomes.

  • Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.

  • Has a 95% customer satisfaction rate, according to company data.

Cons

  • Charges some fees, such as a $1,290 lender fee, which includes a $150 application fee.

  • Offers many products, which might confuse or overwhelm borrowers.

  • Several click-throughs required for personalized rates.

Read Full Review

PrimeLending: NMLS#13649

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Min. Credit Score

620

Min. Down Payment

3%


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 a proprietary closing-cost assistance program.

Cons

  • No online mortgage rates — you have to contact the lender for info.

  • Doesn't offer home equity products.

Read Full Review

Bank of America: NMLS#399802

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.

Pros

  • Allows borrowers to apply entirely online.

  • Offers down payment and closing cost assistance programs.

  • May give existing customers a discount on mortgage lender origination fees.

Cons

  • Does not offer renovation loans.

Read Full Review

Caliber: NMLS#15622

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Min. Credit Score

620

Min. Down Payment

3%


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.

  • Provides digital tools for a streamlined application process.

  • Participates in some state down payment assistance and first-time homebuyer programs.

Cons

  • No mortgage rates displayed online.

  • Doesn't offer home equity loans or lines of credit.

Read Full Review
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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

Min. Down Payment

3%

at Fairway


Why we like it

Ideal for borrowers who want lots of options and a quick turn time. Fairway Independent Mortgage offers a full selection of home loans along with a comprehensive mobile app for a fast and easy application process.

Pros

  • A robust suite of loan products.

  • Licensed in all 50 states.

  • Close in as little as 10 days using the Fairway app.

Cons

  • Limited branch locations.

  • Mortgage rates not posted on website.

Read Full Review

Chase: NMLS#399798

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for first-time home buyers who want to talk to a loan officer in person or on the phone, and for homeowners who want to refinance their mortgages in 60 days or less. Chase offers a full line of mortgage products and account management tools.

Pros

  • Allows electronic submission and tracking of documents.

  • Existing Chase customers can get discounts.

  • Offers a wide selection of purchase and refinance mortgages.

Cons

  • Charges rate lock, origination and underwriting fees.

  • You have to speak with a mortgage banker to get complete info on products and requirements.

Read Full Review

Guild Mortgage: NMLS#3274

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.

Pros

  • Works with loan programs offered by state and local housing agencies.

  • Specializes in mortgages for first-time home buyers.

  • Almost half of its loans are low-down-payment government mortgages.

  • Considers alternative credit, such as history of payments on rent and utilities.

Cons

  • With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.

  • Jumbo borrowers may find that banks are more competitive when it comes to large loan amounts.

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.

  • 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.

  • 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.

  • 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.

  • 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

Last updated on January 2, 2020

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. 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 2020