What makes a good mortgage company? Lower interest rates? Fewer fees? Looser loan requirements?
All of these things are big factors but can vary in importance depending on your situation. For example, if you have a good credit score, loose loan requirements may not be a big deal to you, but if your score is less than desirable you may need a company that’s willing to take the risk on you.
Of course, most companies offer several loan products and chances are that one of them will meet your needs.
However, there is one thing that everyone needs from their mortgage company regardless of their situation. Good customer service. In many cases, you'll be dealing with your mortgage company for a long time. You don't want to have to spend an hour on a hold every time you want to talk to someone.
Thus, you want to find a company that offers the right loan products for your needs. But it's also important to look at customer reviews and find out how that company treats its customers.
Let's take a look at some of the best mortgage companies in Austin, TX to help narrow down your search.
1. Quicken Loans
Do you like the convenience of doing everything online? Quicken Loans is a big name in loans that offers the same services as brick and mortar places but you can handle it all from the comfort of your own home. Income and employment verification is instant for over 60% of Americans, making it quick and convenient.
However, don’t worry about their loan options being cookie-cutter loans. You can still work with human mortgage advisors who will customize loan options to fit your needs.
Finding it hard to qualify for a mortgage through traditional channels? PrimeLending is an excellent mortgage company to check out.
If you meet income and location qualifications, you can get up to $2,000 in closing cost credits through their proprietary program NeighborhoodEdge. Plus, through their “alternative doc” program you can submit bank statements to qualify for a loan rather than tax returns. Finally, they allow you to opt for a lower interest rate, even if you have a rate lock, if rates go down.
They offer a range of common loans and uncommon ones like FHA 203K renovation loans, energy efficient mortgages, and loans for manufactured homes and new constructions.
3. Guild Mortgage
Guild Mortgage came on the scene back in 1960. Now, the company has over 250 locations serving customers across the U.S. They work with local housing agency and state programs to offer loans tailored to low-income residents in a certain area.
They also proudly specialize in loans for first-time home buyers. One of the biggest hurdles for first-time buyers is that they don’t have a long credit history. Guild allows borrowers to use alternative sources, such as rent or utility payment histories, to establish creditworthiness.
Consider combining a loan from Guild with down payment assistance from your local housing agency to get an excellent value from your loan.
4. Caliber Home Loans
Caliber Home Loans is an especially good choice for those looking to get a VA loan. They offer many resources to military members so you can learn about your options and get the most value from your loan.
Of course, they offer plenty of other loan options as well including other government-backed loans like FHA and USDA loans.
You’ll have to work with a loan officer for the pre-approval process. For those who enjoy working with an expert rather than trying to figure things out for themselves online will find this option rather attractive.
5. University Federal Credit Union
University Federal Credit Union is one of the busiest local lenders in Austin, TX. This is a great option for those who want to work with a trusted company in the community. Credit unions are known for typically offering better rates than bigger banks, making their conventional fixed-rate loans a good option.
Of course, they also offer an array of loan products including VA loans, loans for land, home equity loans, and Community Hero loans. These loans are offered to teachers, firefighters, policemen, and military members in gratitude for their service. Additionally, they offer Medical Community loans for doctors and nurses.
Finding the Perfect Home for Your Loan
When it comes right down to it, buying a home in Austin isn’t a simple process. Choosing the right lender is only one of a myriad of things that you have to do. A real estate agent can support you through every step of the process — including choosing a lender.
Finding out what you qualify for is only half the battle. Then, you must find the perfect home that fits your needs and falls within your price range.
Your real estate agent is an excellent resource for finding a home that meets the requirements of your mortgage. Plus, Clever Partner Agents offer rebates on your real estate purchase.
On purchases over $150,000, you can get a $1,000 Home Buyer Rebate. On purchases over $500,000, you may become eligible for a rebate of up to 1%. You can use your rebate to make your loan more affordable by applying it to your down payment or to points on your loan.