Best of
Best Austin Mortgage Lenders of 2019
NerdWalletJuly 2, 2019
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Looking for an Austin mortgage lender? We've researched the city’s top lenders, selecting the best in various categories.
at Quicken Loans
at Quicken Loans
Min. Credit Score
620
Min. Down Payment
3%
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
- 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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for those who appreciate the full-service experience of a leading regional bank. Flagstar offers a full menu of fixed and adjustable home loans and mortgage refinancing, as well as jumbo loans and home equity financing.
Pros
- Embraces FHA-backed home loans.
- Offers three construction loans.
- A professional loan package is tailored for the needs of doctors, lawyers, architects and certified public accountants.
- Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
- Offers home equity loans and home equity lines of credit.
Cons
- Charges an average $1,000 origination fee.
at loanDepot
at loanDepot
Min. Credit Score
620
Min. Down Payment
3.5%
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for borrowers looking for help with closing costs: PrimeLending's proprietary program, NeighborhoodEdge, helps qualified low- to moderate-income borrowers with up to $2,000 in closing cost credits (certain restrictions are based on income and location).
Pros
- Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.
- Request a pre-qualification through PrimeLending’s secure system from a phone, tablet or computer.
- Niche mortgage products include energy-efficient mortgages, FHA 203(k) renovation and remodeling loans, manufactured home mortgages and home construction loans.
- Free “float down” interest rate option lets borrowers choose the lower rate if interest rates fall, even with a rate lock.
- NeighborhoodEdge closing cost assistance program for low- to moderate-income borrowers allows qualified borrowers $2,000 in closing cost credits (restrictions on income and location).
- “Alternative doc” program lets borrowers qualify for mortgage based on bank statements rather than tax returns.
Cons
- No live chat online.
- No online mortgage rate quotes.
Min. Credit Score
620
Min. Down Payment
3%
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.
- Accepts alternative credit data for some loan types.
- May give existing customers a discount on mortgage lender origination fees.
Cons
- Charges an application fee of $1,170, on average.
- Has a high volume of consumer complaints, even for a big national bank.
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers, veterans and those who may have credit challenges to overcome.
Pros
- Participates in some state down payment assistance programs.
- Offers educational resources for military borrowers.
- Provides digital tools for a streamlined application process.
Cons
- No mortgage rates displayed online.
- Must work with a loan officer for pre-qualification and preapproval.
National / Regional
National
Min. Down Payment
3%
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.
at Chase
at Chase
Min. Credit Score
620
Min. Down Payment
3%
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.
Min. Credit Score
620
Min. Down Payment
3%
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.
Summary of Best Austin Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | Refinancing | 620 | 3% | at Quicken Loans |
 Flagstar | refinancing | 620 | 3% | Read review |
loanDepot at loanDepot | FHA loans | 620 | 3.5% | at loanDepot |
 Guaranteed Rate | online experience | 620 | 3% | Read review |
 PrimeLending | VA loans | 620 | 3% | Read review |
 Bank of America | jumbo loans | 620 | 3% | Read review |
 Caliber | VA loans | 620 | 3% | Read review |
 Fairway | online experience | N/A | 3% | Read review |
Chase at Chase | jumbo loans | 620 | 3% | at Chase |
 Guild Mortgage | FHA loans | 620 | 3% | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Quicken Loans at Quicken Loans | Refinancing | 620 | 3% | at Quicken Loans |
Flagstar | refinancing | 620 | 3% | Read review |
loanDepot at loanDepot | FHA loans | 620 | 3.5% | at loanDepot |
Guaranteed Rate | online experience | 620 | 3% | Read review |
PrimeLending | VA loans | 620 | 3% | Read review |
Bank of America | jumbo loans | 620 | 3% | Read review |
Caliber | VA loans | 620 | 3% | Read review |
Fairway | online experience | N/A | 3% | Read review |
Chase at Chase | jumbo loans | 620 | 3% | at Chase |
Guild Mortgage | FHA loans | 620 | 3% | Read 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
Last updated on July 2, 2019
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 2019
- Quicken Loans: Best for Refinancing
- Flagstar: Best for refinancing
- loanDepot: Best for FHA loans
- Guaranteed Rate: Best for online experience
- PrimeLending: Best for VA loans
- Bank of America: Best for jumbo loans
- Caliber: Best for VA loans
- Fairway: Best for online experience
- Chase: Best for jumbo loans
- Guild Mortgage: Best for FHA loans
