Best Mortgage Lenders in Dallas-Fort Worth

Editor’s note: The Bankrate Score only takes into account the products and services of a mortgage lender; it is not a reflection of any lender’s internal operations or practices. We continuously assess each lender we review to ensure that the Bankrate Score conforms to this methodology. If you would like to consider other lenders, visit Bankrate’s lender review center.

If you’re looking to buy a home in the Dallas-Fort Worth area, you’re not alone: ​​Some 1.3 million new residents are expected to flock to metro DFW by 2029, according to commercial real estate firm Cushman and Wakefield. Whether you want to buy a home, build a home, or refinance a mortgage for a home you already own, now is the time to lock in a relatively low rate to make living in Dallas-Fort Worth as affordable as possible. Here are some of the best mortgage lenders to consider.


Methodology

To determine the best mortgage lenders by city, Bankrate evaluated lenders based on several criteria, including affordability (APR, discounts and/or incentives); availability (approval/closing times, loan products); and experience (application process, customer service).


Best Dallas-Fort Worth Mortgage Lenders

United Veterans Home Loans

United Veterans Home Loan Review

If you qualify for a VA loan, Veterans United home loans might be right for you. The large VA lender specializes in military loans, but also offers conventional, FHA, and USDA loans. It has a bank rate score of five out of five, indicating a lender whose combination of products and services lends itself to a premium experience.

Loan products
  • Purchase and refinance
  • Conventional
  • Giant
  • FHA
  • Virginia
  • USDA
Credit requirements
  • 620 for conventional loans and VA loans
Advantages
  • Specializes in VA loans
  • Customer support available 24/7
The inconvenients

better.com

Better.com Mortgage Review

Although Better.com made less than desirable headlines in 2021, the lender’s convenient online platform, competitive rates and lack of fees are worth considering. Better.com is only an option, however, if you’re looking for a conventional or FHA loan; if you want a VA or USDA loan, you’ll have to look elsewhere.

Loan products
  • Purchase and refinance
  • Conventional
  • FHA
  • Giant
  • Bridging loan
Credit requirements
  • 620 for conventional loans
Advantages
  • Fully online experience (but with human support if needed)
  • Great savings due to no commissions or fees
  • Possibility of a pre-approval letter in just three minutes
The inconvenients
  • No branch
  • No VA or USDA loans

LowRates.com

LowRates.com Mortgage Review

If you’re looking for a quick close, online mortgage lender LowRates.com gives you a 20-day window for purchases and the ability to complete the underwriting in just 24 hours. With a Bankrate score of 4.9 out of five, you’ll likely have a smooth experience with LowRates.com.

Loan products
  • Purchase and refinance
  • Conventional
  • Giant
  • FHA
  • Virginia
  • USDA
  • HELOC
  • Home Equity Loan
  • Construction and renovation loans
  • Investment property
  • Reverse Mortgage
Credit requirements
  • 620 for conventional loans
Advantages
  • Rapid closing potential
  • Credit subscription completed in 24 hours
The inconvenients
  • No branches (unless you are visiting a Sun West Mortgage Company location, which operates LowRates.com)
  • Not available in Georgia or Massachusetts

First bank in the Midwest

First Midwest Bank Mortgage Review

Although the name might suggest otherwise, First Midwest Bank is one of the top contenders when it comes to lenders in Texas. You can choose from conventional, FHA, VA, and USDA loans through the bank and complete the application process for any of these mortgages online (the bank does not have a branch in the state) .

Loan products
  • Purchase and refinance
  • Conventional
  • Giant
  • FHA
  • ·VIRGINIA
  • USDA
  • HELOC
  • Home Equity Loan
  • Construction and renovation loans
  • Doctor loan
  • Portfolio loan
Credit requirements
  • 620 for conventional loans
Advantages
  • Online process
  • May be eligible for a discount if you are a banking customer
  • Loan programs for first responders and doctors
The inconvenients
  • No branch in Texas

Allied bank

Ally Bank Mortgage Review

Ally Bank’s mortgage offerings are somewhat limited (no government-insured loans), but the bank charges no fees and can issue a pre-approval in minutes. This paves the way for a quick closure – according to the bank, its closures are happening up to 10 days faster than the industry average.

Loan products Purchase and refinance

Conventional

Giant

Credit requirements 620 for conventional loans; 700 for jumbo loans
Advantages
  • Can get pre-approved in just three minutes if eligible
  • Rates displayed online and updated regularly
  • No fees on loans
The inconvenients
  • FHA, VA and USDA loans not available
  • No branches

Dallas-Fort Worth Local Mortgage Lenders

If you are new to the mortgage process or prefer to speak to someone live and in person, there are many resources available throughout the DFW region. Consider these three lenders with nearby branches.

Randolph-Brooks Federal Credit Union

Being a member of a credit union comes with the benefits of lower-cost banking products like checking and savings accounts, and the family feel of membership can also pay off when it’s time to buy. or build a house. The Texas-based Randolph-Brooks Federal Credit Union (RBFCU) offers permanent construction loans, so you don’t have to pay two sets of closing costs. This credit union can also be a great option if you are looking for a jumbo loan; it allows down payments as low as 5% for that oversized borrowing need.

Chase home loan

You don’t have to travel far to find a Chase branch: there are over 200 throughout the DFW region. Although Chase is one of the largest banks in the world, it still manages to provide personalized service when it comes to getting a mortgage and ranked first in JD Power’s latest report on customer satisfaction with mortgage services. Also, if you are a bank customer, you may be able to get a discount on your loan.

Bank of Texas

If you already have a mortgage in Dallas and want to borrow against your home, Bank of Texas is a solid choice to consider for a home equity loan or HELOC. You can make an appointment to discuss your options at 12 banking centers in the metropolitan area.

What to know about getting a mortgage in Dallas Fort-Worth

While you can’t change what a mortgage lender is willing to let you borrow, you have a say in how far that money goes. The DFW region is huge and the housing market is not the same in this vast area. In Dallas County, the median sale price was $325,000 at the end of 2021, according to real estate broker Redfin, but in Arlington that median amount was much lower, at $300,000. Cast a wide net when you meet with a realtor so you can get the amenities and space you need at a price the lender is willing to pay.

That said, no matter where you go, North Texas is a competitive market — and while that’s good news for home sellers, it’s not so good news for buyers. For example, in Fort Worth, the average home is currently selling for about 1% above list price, according to data from Redfin. The average house also leaves quickly: usually under contract within 20 days.

Start the process with a pre-approval letter to signify you’re a serious buyer who can close the deal, and tackle your home search with a list of must-haves and nice-to-haves. Since this is a seller’s market, you may not be able to get everything you want – you may have to settle for older devices now, for example, but later you can upgrade your kitchen or redo that old bathroom. Conclusion: It doesn’t have to be your dream home the day you move in — you can make it happen in the future.

Summary: The Best Dallas-Fort Worth Mortgage Lenders

With additional reporting by Sarah Sharkey

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