10 Best Houston Mortgage Lenders of 2020

Why we like it

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.

Why we like it

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.

Why we like it

Pros

• Embraces FHA-backed home loans.

• Offers several types of construction and renovation mortgages.

• A professional loan package is tailored for the needs of doctors, lawyers, nurse practitioners, airline pilots 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 $1,295 in underwriting and processing fees.

Why we like it

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.

Why we like it

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.

Why we like it

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.

Why we like it

Pros

• Low rate of consumer complaints filed with the Consumer Financial Protection Bureau.

• Offers a "float-down" interest rate lock.

• Offers a proprietary closing-cost assistance program.

Cons

• No online mortgage rates.

• Charges an origination fee.

• Doesn't offer home equity products.

Why we like it

Pros

• VA loans are the bulk of USAA’s business, so it knows the ins and outs of eligibility.

• Lots of experience assisting first-time home buyers.

• Offers online pre-qualification.

Cons

• Doesn’t offer FHA or USDA loans.

• Alternative credit is not considered.

Why we like it

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.

Why we like it

Pros

• A wide variety of loan types.

• Low credit score requirements for government-backed loans.

• A wealth of educational material on its website.

• Licensed in all 50 states.

Cons

• Mortgage application can't be tracked online.

• Charges origination fees on some loans.

• Limited branch locations.