Best of
Best Texas Mortgage Lenders in 2019
NerdWalletJuly 2, 2019
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If you’re looking to buy or refinance a home in Texas in 2019, NerdWallet can help you choose from some of the best mortgage lenders in the state.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Ideal for anyone who appreciates smartphone app service, support and time savings. A fully digital home loan experience with a large variety of mortgage products.
Pros
- The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
- With your authorization, accesses asset statements from 98% of U.S. financial institutions.
- Tells you the loan amount you’ll qualify for within minutes.
- Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.
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 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.
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at Reali Loans
at Reali Loans
Min. Credit Score
620
National / Regional
Regional
Ideal for refinance customers in the states it serves. Reali Loans doesn’t charge upfront origination or broker fees on refinance loans, which close in around 36 days.
Pros
- No upfront origination or broker fees.
- A shorter, more transparent refinance process.
- Online platform lets you track your refinance every step of the way.
Cons
- No FHA, VA or USDA refinance products.
- Account required to see personalized refinance rates.
at Chase
3.5
NerdWallet ratingat Chase
Min. Credit Score
620
National / Regional
National
Ideal for refinancing any way you want: in person, online or over the phone. With branch locations in 22 states, Chase has a strong face-to-face presence, but refinancers can apply through other channels, too.
Pros
- Fixed- and adjustable-rate refinance options.
- Aims to close all refinance transactions in 60 days or less.
- Customized rate quotes available online without providing personal info.
Cons
- Physical locations not available in all states.
- Charges an origination fee as well as other third-party fees for refinances.
- You must speak with a mortgage banker to be approved.
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 are well-qualified.
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 that includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Ideal for anyone who appreciates smartphone app service, support and time savings. A fully digital home loan experience with a large variety of mortgage products.
Pros
- The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
- With your authorization, accesses asset statements from 98% of U.S. financial institutions.
- Tells you the loan amount you’ll qualify for within minutes.
- Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.
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 borrowers looking for a national lender with a complete selection of mortgage products for home buyers in all financial stages.
Pros
- Loan programs to educate and assist first-time home buyers, union members and others.
- Relocation and employee mortgage programs for many large companies.
- Accepts down payments as low as 3% on fixed-rate mortgages through its yourFirst Mortgage program.
Cons
- Government actions and scandals have damaged consumer trust.
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 Latino and other minority borrowers, millennials, foreign nationals, as well as those seeking a full array of purchase and refinance loans, including jumbo mortgages.
Pros
- Offers an ITIN qualification path for undocumented immigrant borrowers.
- Has a digital application process.
- Offers several mortgage options for low- to moderate-income borrowers.
- Has a full Spanish-language version of its website and bilingual loan officers.
- Borrowers can qualify with income from self-employment and other nontraditional sources.
Cons
- No mortgage rates published online.
- Doesn't lend in all states.
- No home equity loans or lines of credit.
at Vylla
at Vylla
Min. Credit Score
620
Min. Down Payment
3%
Ideal for first-time home buyers or credit-challenged borrowers who may have trouble qualifying for a mortgage.
Pros
- Low minimum credit score.
- Online application, loan tracking and document upload.
- Free rate locks.
Cons
- No online preapproval.
- No presence in Massachusetts or North Dakota.
Summary of Best Texas Mortgage Lenders in 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Rocket Mortgage at Rocket Mortgage | first-time home buyers + online experience | 620 | 3% | at Rocket Mortgage |
 PrimeLending | first-time home buyers | 620 | 3% | Read review |
Reali Loans at Reali Loans | refinancing | 620 | 5% | at Reali Loans |
Chase NerdWallet rating at Chase | refinancing | 620 | 3% | at Chase |
 Guaranteed Rate | online experience | 620 | 3% | Read review |
 Wells Fargo | face-to-face service | 620 | 3% | Read review |
 Bank of America | face-to-face service | 620 | 3% | Read review |
 Alterra | bad credit | 620 | 3% | Read review |
Vylla at Vylla | bad credit | 620 | 3% | at Vylla |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Rocket Mortgage at Rocket Mortgage | first-time home buyers + online experience | 620 | 3% | at Rocket Mortgage |
PrimeLending | first-time home buyers | 620 | 3% | Read review |
Reali Loans at Reali Loans | refinancing | 620 | 5% | at Reali Loans |
Chase NerdWallet rating at Chase | refinancing | 620 | 3% | at Chase |
Guaranteed Rate | online experience | 620 | 3% | Read review |
Wells Fargo | face-to-face service | 620 | 3% | Read review |
Bank of America | face-to-face service | 620 | 3% | Read review |
Alterra | bad credit | 620 | 3% | Read review |
Vylla at Vylla | bad credit | 620 | 3% | at Vylla |
Best Texas mortgage lenders by city
We dug deeper to find lenders in major Texas cities. See our picks for best mortgage lenders in your area.
- Best Austin mortgage lenders
- Best Dallas-Fort Worth mortgage lenders
- Best Houston mortgage lenders
- Best San Antonio mortgage lenders
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 Texas Mortgage Lenders in 2019
- Rocket Mortgage: Best for first-time home buyers + online experience
- PrimeLending: Best for first-time home buyers
- Reali Loans: Best for refinancing
- : Best for refinancing
- Guaranteed Rate: Best for online experience
- Wells Fargo: Best for face-to-face service
- Bank of America: Best for face-to-face service
- Alterra: Best for bad credit
- Vylla: Best for bad credit
