Best Houston Mortgage Lenders | The bank rate

If you’re trying to buy a home in Houston, you’re going to face the same problem that plagues buyers in almost every city in the country: high prices. Whether the city looks like your next home — or if it already is and you want to refinance your mortgage while rates are still low — compare mortgages from multiple lenders to get the best deal. Here are some of the best to consider.


Methodology

To determine the best mortgage lenders in Houston, Bankrate evaluated lenders based on several criteria, including affordability (APR, rebates, and/or incentives); availability (approval/closing times, loan products); and experience (application process, customer service). We also rated lenders through the lens of different types of borrowers in Houston using Bankrate’s comparison tool.


Houston’s Best Mortgage Lenders

Inferior

Lower Mortgage Review

Loans offered Credit requirements Strong points Good if
Purchase and refinancing; conventional, jumbo, FHA, VA, USDA, investment property 620 for conventional loans; 580 for FHA loans and VA loans Offers an electronic signature for loan documents and a convenient mobile app; matches down payment savings up to $500; waive lender fees if you ever want to refinance You have excellent credit

Advantages

  • Rapid closings (average of 21 days)
  • Offers a down payment matching savings program that can help you score up to $500
  • No fees if you ever decide to refinance

The inconvenients

  • $995 lender fee for new purchases
  • Does not accept alternative credit data such as rental history when processing loan applications

First bank in the Midwest

First Midwest Bank Mortgage Review

Loans offered Credit requirements Strong points Good if
Purchase and refinancing; conventional, jumbo, FHA, VA, USDA, construction and renovation loans, doctor’s loan, portfolio loan 620 for conventional loans Over 50 loan options; special programs for doctors and first responders; 1.99% introductory HELOC rate You want many loan options and a fixed fee structure

Advantages

  • Homeownership programs and assistance with down payment and closing costs
  • More than 50 loan programs
  • $750 initial lender fee structure

The inconvenients

  • Jumbo loans not available in Texas
  • 620 credit score required for all loans

Interfirst Mortgage Company

Interfirst Mortgage Company Reviews

Loans offered Credit requirements Strong points Good if
Purchase and refinancing; conventional, jumbo, apartment building 620 for conventional loans No lender fees; one-day pre-approvals; easy online application You want to refinance your mortgage in Houston

Advantages

  • No need to pay discount points in advance
  • No loan fees

The inconvenients

  • Does not offer FHA, VA, or USDA loans
  • The website does not offer much information

Watermark Home Loans

Watermark Home Loan Review

Loans offered Credit requirements Strong points Good if
Purchase and refinancing; conventional, jumbo, FHA, VA, USDA, construction and renovation loans, investment properties, interest only, reverse mortgages; condominium and cooperative, prefabricated house, piggyback (80/10/10) 620 for conventional loans, FHA loans, and VA loans; 680 for jumbo loans; 580 for USDA loans Waives VA funding fees for some applicants; some of the most competitive rates for FHA borrowers in Houston; offers piggyback loans to avoid private mortgage insurance You’re making a small down payment with an FHA loan or looking for a VA loan

Advantages

  • Competitive rates for FHA borrowers
  • Offers the ability to pass closing costs on certain loans, reducing your upfront expenses
  • Will waive VA financing fees for certain military borrowers

The inconvenients

  • Requires a 620 credit score for FHA loans
  • Website functionality is limited
  • Will likely need to pay points for the best rates, plus lender fees

Allied bank

Ally Bank Mortgage Review

Loans offered Credit requirements Strong points Good if
Purchase and refinancing; conventional, jumbo 620 for conventional loans; 700 for jumbo loans No lender fees; as low as 10% for jumbo loans Looking for a jumbo loan

Advantages

  • No loan fees
  • Closes faster than the industry average
  • Lower down payment requirement for jumbo loans than many lenders

The inconvenients

  • No branch
  • No government guaranteed loans

Local Houston Mortgage Lenders

When it comes to filling out the mountain of paperwork to get a mortgage, you might prefer in-person assistance to navigate the process. If you want a mortgage lender with a branch network, consider one that has locations in Houston.

Bank of America

Bank of America has a massive presence in Houston and Harris County, and the financial giant is particularly good at helping customers buy new homes: it ranked sixth in customer satisfaction. customers in JD Power’s 2021 mortgage origination study. The bank offers programs for all types of homebuyers, and if you’re part of its Preferred Rewards program (and maintain a high deposit balance ), you may be able to save up to $600 on mortgage origination fees.

Fairway Independent Mortgage Company

Fairway Independent Mortgage Corporation has four offices in Houston and more in the greater area, and select Harris County loan officers have been named to the Texas State Affordable Housing Corporation’s Top Agent List. The lender also earned fifth place in JD Power’s most recent customer satisfaction survey.

Amegy Bank

  • Good if: You want to build a new house in Houston

With the housing supply tightening everywhere, you may be considering building a new home rather than continuing to look for one. Amegy Bank’s unique construction loans mean you’ll only pay one set of closing costs, and there are low down payment options available.

What to know about getting a mortgage in Houston

If you’re just starting to explore the many different neighborhoods of Houston and the surrounding suburbs, get ready to work: Metro Houston, along with The Woodlands and Sugar Land, span more than 9,400 square miles, an area larger than the state of New Jersey. This expanse, along with more than 2.3 million residents, makes Houston a powerhouse. Consider where you will be working to avoid dealing with traffic the size of Texas.

Once you have an idea of ​​where you’ll feel best, figure out your budget and get pre-approved. The housing market is competitive, so you will need to be a highly qualified buyer for your offer to have any weight. According to data from real estate brokerage Redfin, the most sought-after listings in Houston only stay on the market for about a week.

Summary: Houston’s Best Mortgage Lenders

Learn more:

Comments are closed.