We’ve all seen the financial news in the past few years. Interest rates have been at record lows. Even better news, they are not expected to rise this year.
But despite the low rates and sunny economic forecast, getting a mortgage is not stress free and without its hurdles. While interest rates are important, you also need to focus on a host of other factors when finding the best lender for you.
You want to work with a reliable company that employs experts in mortgages and financial services.
A professional realtor can help you find a good mortgage for you. They are in the business of buying houses and they deal with loans regularly. They’ll speak to you about your budget and financial situation and then guide you to the right lender.
But there are also steps you can take to make sure you get the best mortgage for your home purchase. You should understand that there are many types of lenders. You can go to a national or local bank, a credit union, and correspondent lenders.
Fully appreciating their differences will impact what you pay each month and the terms of your loan.
Here is our guide to some of the best mortgage companies in San Antonio.
This is a mortgage banker that gives its clients an array of loan options, whether it’s for a first home, a secondary home, or an investment property. They also provide refinancing options.
The loan options include grants and programs from the federal government including FHA loans, USDA loans, and VA loans. You can also apply for a mortgage online
Pilgrim Mortgage serves mainly Texas, but it also has branches in Arkansas and Alabama.
Trinity Mortgage primarily provides San Antonio military veterans with VA home loans. It has more than three decades of experience working with military members and their families.
It also provides FHA loans and conventional loans. Conventional loans require 20% down payments and mortgage insurance.
A buyer doesn’t need to share their credit score before speaking to a loan officer. They want to help clients get positive results from potentially difficult situations.
Guild Mortgage is a nationwide lender that specializes in residential home loans. It is ranked as the best lender for extensive loan options by U.S. News and World Report. The news resource gave it good reviews for its customer service and special mortgage programs.
It offers conventional loans to first-time homebuyer programs with down payment assistance. It has offered government-sponsored loans for more than five decades, including FHA, VA, and USDA loans.
It offers the 3-2-1 Home program which allows home buyers to obtain a mortgage with three percent down. The loan includes a $1,500 grant that can be applied toward closing costs or the down payment.
Its expanded jumbo loans are available for loans of between $100,000 and $3 million. They require a maximum debt-to-income ratio of 43%.
Guild Mortgage offers loans with credit scores as low as 580 when qualifying for an FHA loan. VA and USDA loans require a slightly higher credit score of 600. If your credit score is 620 or above you are eligible for a conventional home loan.
If a company’s work atmosphere says anything about its client services then Legacy Mutual is in good standing. The San Antonio Business Journal voted it one of the city’s best places to work for the last four years.
Legacy Mutual is a San Antonio success story. It began as a two-person operation in 2003 and has expanded since. In 2011, it formally joined with the Crockett National Bank based in San Angelo, Texas. Now, it has 65 loan officers and serves a wide range of home buyers, investors, and businesses in the city.
According to the company, more than 92% of borrowers it surveyed said the closing cost estimate Legacy Mutual provided was accurate. Some even said it was conservative and they paid less than they initially thought they would.
Here’s an impressive number. Nearly 99% (98.5% to be exact) of those surveyed said they received responses to their emails or phone calls within 24 hours. For many borrowers the type of service they receive trumps almost all other considerations and can sometimes be as important as the interest rate.
Save Money With Clever
There are costs and hurdles associated with purchasing a home. But your home buying journey can be made easier. Work with a professional real estate agent in San Antonio.
They deal with mortgage brokers and lenders on a daily basis and they can connect you with a reliable professional. They also save you money with the Home Buyer Rebate. Clever partners with top real estate agents from major companies like Keller Williams, Century 21, and RE/MAX. They are all full-service and they can help you find your dream home.