Texas Mortgage Lending Rates, Fees & Info

Austin, TX

LEI: 254900ZW2DR74NU0ZY74

Tax ID: 82-0953703

5 stars - Updated: 3/28/24 - out of 5 stars, based on 22 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data |

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Mortgage Data

Review & Overview

Texas Mortgage Lending is a smaller mortgage company specializing in Home Purchase loans. Texas Mortgage Lending has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Dallas, Austin, Longview, Houston, and Tyler among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

Texas Mortgage Lending has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Texas Mortgage Lending is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.42% 3/28/24
30 Year Conventional Refi 6.32% 3/28/24
30 Year Cash-out Refi 6.53% 3/28/24
30 Year FHA Purchase 7.66% 3/28/24
30 Year FHA Refi 6.27% 3/28/24
15 Year Conventional Purchase 6.11% 3/28/24
15 Year Conventional Refi 6.05% 3/28/24
15 Year Cash-out Refi 6.05% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Texas Mortgage Lending Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Texas Mortgage Lending. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

485

Origination Dollar Volume (All Markets)

$169,605,000

Awards

Texas Mortgage Lending 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Texas Mortgage Lending's average 30 year fixed mortgage rate was 6.68%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.2%.

Relative Fees (Closing Costs)

Texas Mortgage Lending's average total fees/closing costs for a 30 year fixed rate mortgage were $7,664.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 277 $104,225,000 $376,264 $7,780 6.61%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 95 $35,235,000 $370,895 $7,645 6.59%
LONGVIEW, TX (FHA|USDA|VA) 11 $5,285,000 $480,455 $6,826 6.11%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 18 $5,230,000 $290,556 $5,988 6.56%
Outside of Metro Areas 20 $4,470,000 $223,500 $5,653 6.85%
TYLER, TX (FHA|USDA|VA) 12 $2,350,000 $195,833 $5,980 6.65%
SHERMAN-DENISON, TX (FHA|USDA|VA) 6 $1,490,000 $248,333 $7,408 6.68%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 6 $1,490,000 $248,333 $6,667 6.83%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 5 $1,385,000 $277,000 $9,779 6.42%
Corsicana, TX (FHA|USDA|VA) 4 $1,220,000 $305,000 $5,905 6.55%
Jacksonville, TX (FHA|USDA|VA) 4 $1,050,000 $262,500 $5,659 6.81%
Paris, TX (FHA|USDA|VA) 2 $870,000 $435,000 $5,686 6.00%
Athens, TX (FHA|USDA|VA) 3 $715,000 $238,333 $7,160 6.99%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 3 $635,000 $211,667 $4,028 7.04%
Mineral Wells, TX (FHA|USDA|VA) 1 $505,000 $505,000 $19,091 7.63%
Rockport, TX (FHA|USDA|VA) 2 $460,000 $230,000 $7,295 7.13%
Granbury, TX (FHA|USDA|VA) 2 $440,000 $220,000 $8,872 7.38%
BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 2 $410,000 $205,000 $4,901 7.50%
MIDLAND, TX (FHA|USDA|VA) 1 $395,000 $395,000 $13,848 5.88%
Pampa, TX (FHA|USDA|VA) 1 $365,000 $365,000 $9,659 5.99%
TEXARKANA, TX-AR (FHA|USDA|VA) 2 $330,000 $165,000 $5,376 7.19%
Lufkin, TX (FHA|USDA|VA) 2 $280,000 $140,000 $5,506 5.75%
Sulphur Springs, TX (FHA|USDA|VA) 1 $205,000 $205,000 $4,502 6.99%
WACO, TX (FHA|USDA|VA) 1 $195,000 $195,000 $10,468 7.63%
Fredericksburg, TX (FHA|USDA|VA) 1 $115,000 $115,000 $1,069 8.25%
ABILENE, TX (FHA|USDA|VA) 1 $85,000 $85,000 $3,487 8.50%
LUBBOCK, TX (FHA|USDA|VA) 1 $85,000 $85,000 $4,225 7.49%
VICTORIA, TX (FHA|USDA|VA) 1 $85,000 $85,000 $3,833 7.49%
Texas Mortgage Lending's top markets include Dallas, Austin, Longview, Houston, and Tyler among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Texas Mortgage Lending based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 220
    AMOCO
    Similarity Rank: 258
    GIBRALTAR MORTGAGE SERVICES, LLC
    Similarity Rank: 360
    SOUTHERN LENDING SERVICES, LTD.
    Similarity Rank: 432
    COMMUNITY RESOURCE CREDIT UNION
    Similarity Rank: 714
    DATCU
    Similarity Rank: 981
    PRIMEWAY
    Similarity Rank: 1048

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 468 $163,710,000 $349,808 $7,171 6.64%
    FHA 16 $5,610,000 $350,625 $14,860 6.49%
    VA 1 $285,000 $285,000 $16,028 6.63%

    For 2023, Texas Mortgage Lending's most frequently originated type of loan was Conventional, with 468 originations. Their 2nd most popular type was FHA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 328 $127,110,000 $387,530 $7,991 6.58%
    Cash Out Refi 125 $32,675,000 $261,400 $6,276 6.78%
    Refi 32 $9,820,000 $306,875 $6,342 6.53%

    For 2023, Texas Mortgage Lending's most frequently cited loan purpose was Home Purchase, with 328 originations. The 2nd most popular reason was Cash Out Refi, with 125 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 430 $154,430,000 $359,140 $7,664 6.68%
    15 Year 37 $9,375,000 $253,378 $5,506 6.20%
    20 Year 15 $5,595,000 $373,000 $6,687 6.70%
    5 Year 2 $140,000 $70,000 $1,608 4.88%
    10 Year 1 $65,000 $65,000 $1,171 5.99%

    For 2023, Texas Mortgage Lending's most frequently cited loan duration was 30 Year, with 430 originations. The 2nd most popular length was 15 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 176 $55,300,000 $314,205
    $5k+ 94 $37,330,000 $397,128
    $2k-3k 70 $33,530,000 $479,000
    $3k-4k 66 $18,980,000 $287,576
    $4k-5k 37 $11,225,000 $303,378
    $<1k 35 $12,235,000 $349,571

    Texas Mortgage Lending's average total fees were $7,664, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 176 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 239 $87,515,000 $366,172
    7-8% 121 $39,045,000 $322,686
    5-6% 108 $36,780,000 $340,556
    Over 8% 8 $1,470,000 $183,750
    4-5% 7 $1,845,000 $263,571
    <2.5% 1 $1,945,000 $1,945,000
    2.5-3% 1 $1,005,000 $1,005,000

    During 2023, Texas Mortgage Lending's average interest rate for loans was 6.68%, while their most frequently originated rate bucket for loans was 6-7%, with 239 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 217 $64,705,000 $298,180 $7,586 6.62%
    $100k-200k 107 $16,225,000 $151,636 $4,960 6.71%
    $400k-600k 83 $39,825,000 $479,819 $9,161 6.57%
    $600k-1MM 40 $28,990,000 $724,750 $10,428 6.55%
    $100,000 or less 25 $1,995,000 $79,800 $3,286 6.97%
    $1MM+ 13 $17,865,000 $1,374,231 $11,739 6.26%

    2023 saw Texas Mortgage Lending place emphasis on $200k-400k loans with 217 originations, totaling $64,705,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 137 $42,465,000 $309,964 $7,475 6.66%
    $150k-250k 121 $50,125,000 $414,256 $8,491 6.54%
    $75k-100k 72 $17,600,000 $244,444 $6,470 6.60%
    $50k-75k 70 $12,010,000 $171,571 $5,582 6.69%
    $250k+ 63 $44,685,000 $709,286 $9,501 6.72%
    $50k or less 22 $2,720,000 $123,636 $4,641 6.63%

    Texas Mortgage Lending lent most frequently to those with incomes in the $100k-150k range, with 137 originations. The second most popular income band? $150k-250k, with 121 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 87 $33,645,000 $386,724 $6,921 6.63%
    20-30% 61 $18,445,000 $302,377 $6,931 6.77%
    43% 31 $12,415,000 $400,484 $6,425 6.47%
    44% 28 $9,150,000 $326,786 $7,040 6.97%
    42% 27 $10,915,000 $404,259 $7,997 6.29%
    41% 27 $10,015,000 $370,926 $7,664 6.69%
    39% 24 $8,070,000 $336,250 $7,105 6.75%
    49% 23 $8,385,000 $364,565 $8,802 6.42%
    47% 23 $7,295,000 $317,174 $6,621 6.57%
    40% 21 $6,925,000 $329,762 $8,294 6.45%
    37% 21 $9,335,000 $444,524 $7,620 6.64%
    <20% 20 $5,370,000 $268,500 $6,813 6.36%
    46% 20 $5,640,000 $282,000 $8,111 6.84%
    48% 17 $4,745,000 $279,118 $7,355 6.64%
    50-60% 15 $4,835,000 $322,333 $12,463 6.54%
    36% 14 $5,450,000 $389,286 $7,342 6.91%
    45% 14 $3,750,000 $267,857 $6,859 6.59%
    38% 12 $5,220,000 $435,000 $8,396 6.66%

    Texas Mortgage Lending lent most frequently to those with DTI ratios of 30-36%, with 87 originations. The next most common DTI ratio? 20-30%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 267 $90,005,000 $337,097 $7,113 6.67%
    Not provided 128 $44,450,000 $347,266 $7,510 6.74%
    Black 47 $15,925,000 $338,830 $8,178 6.54%
    Asian 28 $12,450,000 $444,643 $8,107 6.34%
    Asian Indian 9 $4,915,000 $546,111 $9,347 5.66%
    American Indian 6 $1,860,000 $310,000 $9,319 6.35%

    Approval Rates

    Total approvals of all applications
    87.38%

    Texas Mortgage Lending has an average approval rate.

    Pick Rate

    Approvals leading to origination
    31.75%

    Texas Mortgage Lending has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 485 $169,605,000 $349,701

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    485 $169,605,000 $349,701

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $5,480,000 $144,211 $4,330 6.66%
    40-60% 80 $19,410,000 $242,625 $6,151 6.71%
    60-80% 129 $51,035,000 $395,620 $7,912 6.65%
    80-100% 227 $91,975,000 $405,176 $8,249 6.58%
    Over 100% 1 $285,000 $285,000 $16,028 6.63%
    Under 20% 10 $1,420,000 $142,000 $3,788 6.70%