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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.

» MORE: Find out about Texas first-time home buyer programs

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

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at Quicken Loans

Quicken Loans: NMLS#3030

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Min. Credit Score

620

Min. Down Payment

3%

at Quicken Loans

Why we like it

Good for: borrowers looking for just about all of 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 many working Americans.

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

  • Provides a wide variety of loan types, including renovation loans and all government-backed mortgage products.

Cons

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

  • Quicken's lender fees can be stout and they don't offset those fees with particularly low mortgage rates.

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Flagstar: NMLS#417490

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Min. Credit Score

620

Min. Down Payment

3%

Read review

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.

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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

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.

  • Offers multiple renovation loan options.

  • Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.

Cons

  • Mortgage rates aren't available online; you'll need to contact a loan officer.

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

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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

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Min. Credit Score

620

Min. Down Payment

3%

at Guaranteed Rate

Why we like it

Good for borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

  • Offers the ability to securely upload and digitally sign loan documents.

  • Displays detailed sample rates for many of its loan products.

Cons

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

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PrimeLending: NMLS#13649

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Min. Credit Score

620

Min. Down Payment

3%

Read review

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.

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Bank of America: NMLS#399802

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Min. Credit Score

620

Min. Down Payment

3%

Read review

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.

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Caliber: NMLS#15622

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Min. Credit Score

620

Min. Down Payment

3%

Read review

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.

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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

Good for borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

Pros

  • Offers a robust suite of loan products, including a variety of renovation loans.

  • Has a digital application that can be completed in 10 minutes.

  • Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.

Cons

  • Mortgage rates aren't posted online.

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Chase: NMLS#399798

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Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Good for borrowers who want to choose among a wide array of mortgage types from a bank with offices in more than half the states that charges below-average origination fees.

Pros

  • Allows electronic submission and tracking of loan documents.

  • Carries a wide variety of mortgage types and products.

  • Generally offers good rates and charges reasonable fees.

Cons

  • Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.

  • You have to speak with a home loan advisor to complete the application.

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Guild Mortgage: NMLS#3274

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Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Good for: first-time home buyers and others who may need the flexibility of a low-down-payment loan program.

Pros

  • Offers multiple online conveniences, including a full mortgage application, e-signatures and digital loan process tracking.

  • Offers a wide variety of loan products, including home improvement and manufactured home loans.

Cons

  • Does not offer home equity loan products.

  • Average interest rates and fees are higher than other lenders.

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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

Last updated on January 2, 2020

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 2020