Are you in the market for a new home in beautiful Dallas, Texas? Look no further! Benzinga has researched the top mortgage lenders to show you the best mortgage lenders in Dallas, Texas for buying a home or refinancing. We understand that finding the right mortgage can be a daunting task. That's why we're here to guide you through the process, ensuring that you get the best rates and terms available.
- The Best Mortgage Lenders in Dallas, Texas
- Real Estate Market in Dallas, Texas
- Popular Neighborhoods in Dallas
- Nearby Communities
- How to Choose a Mortgage Lender in Dallas, Texas
- How to Qualify for a Mortgage in Dallas, Texas
- Current Mortgage Rates in Texas
- Choose the Best Mortgage Lender in Dallas, Texas
- Frequently Asked Questions
The Best Mortgage Lenders in Dallas, Texas
Here’s a sneak peek at our favorite mortgage companies in Dallas, Texas
1. Best Overall: Angel Oak Mortgage Solutions
Angel Oak Mortgage Solutions is a full-service mortgage lender offering traditional and portfolio Non-QM mortgage loans. This mortgage company is licensed in 45 states and offers competitive mortgage rates and quick closing times.
Angel Oak Mortgage Solutions offers a wide range of mortgage solutions for various needs. Whether you are looking to purchase a home, cash-out on your current property, or refinance at a different rate, they have options for you.
With loan amounts available up to $3.5 million, they can support you in financing properties of different values. They cater to primary residences, second homes, and investment properties, and accommodate various types of properties such as single-family homes, townhomes, and condos.
As an added convenience, they offer options for self-employed borrowers and real estate investors who may not have tax returns readily available. They also provide opportunities for those with 1099 income and offer government loan products like FHA, USDA, and VA loans.
With competitive rates on conventional purchase and refinance, Angel Oak Mortgage Solutions ensures that you have options to suit your financial goals.
- Considers unique borrower situations
- Quick loan approval process
- Offers competitive interest rates
- Stricter qualification requirements
- Higher interest rates and fees
2. Best for Bank Statements Only: CrossCountry Mortgage
Bank statement mortgages allow you to use your bank statements instead of your tax returns to verify your income — but only certain lenders offer these loans
CrossCountry Mortgage provides a bank statement program. The lender believes in customizable solutions for its customers and you can benefit from its competitive rates and requirements.
Personal or business bank statements may be submitted — or a CPA-prepared profit-and-loss statement could suffice. The Bank Statement-based mortgage accepts credit scores as low as 580 and provides loan amounts up to $6,000,000. You can borrow up to 80% of the property value.
- Wide range of mortgage options
- Competitive interest rates and flexible terms
- Dedicated mortgage specialists
- Limited information available about specific mortgage products and rates on their website
3. Best Online Lender: Rocket Mortgage
Rocket Mortgage is a popular digital lender that offers a quick and easy online mortgage process. There are several mortgage types to choose from, including conventional and government-backed options.
You can even refinance your home using a Rocket Mortgage product. Use the Rocket Mortgage website to view current mortgage rates and calculate your monthly mortgage payments.
If you have questions, you can start an online chat or call a Rocket Mortgage expert to get the quick answers you need.
- Apply online through their website
- Faster loan processing times
- Variety of mortgage options
- Lack of personal interaction
- Inability to negotiate terms
4. Best for VA Loans: Veterans United
Veterans United specializes in offering loans for veterans and military members. You can get prequalified for your VA loan through Veterans United online.
Its website also offers educational resources, including the service requirements you need to meet to qualify for a VA loan. Use its affordability calculator and monthly payment calculator to figure out what fits in your budget.
Veterans United offers 24/7 customer service and its financial advisors include members of each branch of the military you can relate to.
- Streamlined loan application process
- Competitive interest rates and loan terms
- Excellent customer service
- Funding fees
- Limited physical locations
5. Best for Simple Application: Guaranteed Rate Mortgage
Interest-only mortgages from Guaranteed Rate are aimed at borrowers who expect significant income growth over time. In addition to interest-only loans, Guaranteed Rate offers jumbo loans and loans for renovations as well as government-backed mortgages and home equity lines of credit (HELOCs).
- Fast approval process, often the same day
- Diverse loan options
- Excellent customer reviews
- Higher-than-average origination fees
See also: Best Mortgage Lenders in Texas
Real Estate Market in Dallas, Texas
Dallas is home to 1,304,379 people. It is the 3rd largest city in Texas and the 9th most populated city in the United States. It is also the most populous city in the Dallas - Fort Worth Metroplex, which is the 4th largest metropolitan area in the country with 7.5 million residents. Dallas is the core of the metropolitan and a major transportation center with railroad lines and interstate highways throughout, along with the Dallas/Fort Worth International Airport. The Dallas area is home to 22 Fortune 500 companies (ATT, Exxon Mobil, Toyota, Charles Schwab Corporation, etc.) and more than 41 colleges and universities. Some of the most popular are The University of Texas System, The University of North Texas System, and the Texas A&M University System. Dallas is also the popular home city of the Dallas Cowboys and the Texas Rangers.
The median home value in Dallas is $221,424. There has been an increase in the average appreciation rate of 7.28% over the last 10 years. The real estate market here is made up of about 60% renters, with an average rental rate of $1,576 per month. Homes are smaller to mid-sized single-family homes and apartments with 1-3 bedrooms. There is a large population of young, single professionals in Dallas looking to start their careers and enjoy socializing, shopping, and eating out. While there is a good mixture of white and blue-collar jobs, many residents work in construction, healthcare, and retail.
Popular Neighborhoods in Dallas
How to Choose a Mortgage Lender in Dallas, Texas
When choosing a mortgage lender in Dallas, there are several important factors that should be taken into consideration.
First and foremost, it is crucial to evaluate the interest rates that each lender offers. A lower interest rate can significantly impact the overall cost of a mortgage and can save you a substantial amount of money over time.
Fees and Closing Costs
Some lenders may charge higher fees which can add significant expenses to the overall cost of the mortgage. It is important to review and compare these fees to ensure they align with the your budget.
Reputation and Reliability
It is also important to assess the lender's reputation and reliability. Reading reviews, checking for any complaints or legal issues, and conducting thorough research to ensure that the lender has a strong track record of providing quality service and meeting your needs is essential.
It may be beneficial to consider any additional services that the lender offers, such as online account management or educational resources.
How to Qualify for a Mortgage in Dallas, Texas
To qualify for a mortgage in Dallas, Texas, there are several factors to consider. Firstly, lenders will typically assess your credit score and history. A higher credit score demonstrates financial responsibility and makes you a more favorable candidate for a mortgage. It is important to maintain a good credit score by making timely payments, minimizing debt, and avoiding any major financial issues.
In addition to creditworthiness, lenders will evaluate your income and employment stability. They will assess your debt-to-income ratio, which compares your monthly debt payments to your monthly income. Generally, lenders prefer a debt-to-income ratio below 43%. Having a stable job with a consistent income over a period of time is crucial in proving your ability to repay the mortgage.
Providing a down payment is usually required to secure a mortgage. The minimum down payment amount can vary, but it is typically around 3% - 20% of the home's purchase price. Saving for a down payment demonstrates your financial responsibility and ability to handle financial commitments.
Current Mortgage Rates in Texas
Several factors impact your mortgage rate. These include your credit history, the size of your down payment and your mortgage amount. Rates change daily and lenders adjust rates up or down to reflect changes in the economy and in the housing market. We update mortgage rates frequently to reflect the most relevant information.
Choose the Best Mortgage Lender in Dallas, Texas
Finding the best home lenders in Dallas, Texas is crucial for anyone looking to purchase a property in this thriving city. By partnering with reputable lenders, you can benefit from competitive interest rates, flexible loan options, and personalized customer service. Whether you are a first-time homebuyer or a seasoned investor, selecting the right lender can make a significant difference in your home buying experience. With careful research and due diligence, you can ensure a smooth and successful homeownership journey in Dallas, Texas.
Frequently Asked Questions
How long does the mortgage application process typically take in Dallas, Texas?
The mortgage application process in Dallas, Texas can range from a couple of weeks to several months, depending on factors such as the lender’s efficiency, the complexity of your financial situation, and property appraisal.
Can I negotiate the terms or interest rate with a mortgage lender in Dallas, Texas?
Yes, you can negotiate certain aspects of your mortgage, such as interest rates, fees, or loan terms. It’s always worth exploring your options and discussing with the lender.
Are there any first-time homebuyer programs or grants available in Dallas, Texas?
Yes, there are several programs and grants available to support first-time homebuyers in Dallas. Research local initiatives and consult with mortgage lenders to explore your options.
Get Ready for Take Off
Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.
You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.