Texas Tech Mortgage Rates, Fees & Info

Lubbock, TX

LEI: 549300U2B1ZNGX3H8U54

Tax ID: 75-1157852

4.7 stars - out of 5 stars, based on 44 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Texas Tech is a smaller mortgage company specializing in Home Purchase and Refi loans. Texas Tech has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Lubbock, Dallas, Houston, Austin, and Levelland among others. We have data for 64 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Texas Tech has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Texas Tech 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 about average 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 6.67% 1/29/23
    30 Year Conventional Refi 6.51% 1/29/23
    30 Year Cash-out Refi 6.30% 1/29/23
    30 Year FHA Purchase 7.40% 1/29/23
    30 Year FHA Refi 7.05% 1/29/23
    30 Year VA Purchase 6.21% 1/29/23
    30 Year VA Refi 6.01% 1/29/23
    15 Year Conventional Purchase 7.94% 1/29/23
    15 Year Conventional Refi 6.16% 1/29/23
    15 Year Cash-out Refi 6.16% 1/29/23
    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.


    Originations

    1,934

    Origination Dollar Volume (All Markets)

    $433,660,000

    Awards

    TEXAS TECH FHA Loans gold TEXAS TECH FHA Loans gold
    Show all (2) awards

    Relative Rate

    Texas Tech's average 30 year fixed mortgage rate was 3.22%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.07%.

    Relative Fees (Closing Costs)

    Texas Tech's average total fees/closing costs for a 30 year fixed rate mortgage were $4,854.

    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 $4,750.

    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
    LUBBOCK, TX (FHA|USDA|VA) 1,452 $314,090,000 $216,315 $4,464 3.10%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 164 $42,840,000 $261,220 $3,631 4.44%
    Outside of Metro Areas 53 $12,505,000 $235,943 $4,940 3.12%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 34 $7,570,000 $222,647 $2,816 4.17%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 34 $7,090,000 $208,529 $2,275 4.69%
    Levelland, TX (FHA|USDA|VA) 37 $6,245,000 $168,784 $5,093 3.11%
    MIDLAND, TX (FHA|USDA|VA) 15 $5,765,000 $384,333 $6,351 3.35%
    ABILENE, TX (FHA|USDA|VA) 9 $3,345,000 $371,667 $6,669 3.63%
    Plainview, TX (FHA|USDA|VA) 16 $2,560,000 $160,000 $4,157 3.13%
    Athens, TX (FHA|USDA|VA) 4 $2,480,000 $620,000 $5,178 4.19%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $2,205,000 $735,000 $13,756 4.54%
    AMARILLO, TX (FHA|USDA|VA) 11 $2,105,000 $191,364 $4,133 3.19%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $1,525,000 $1,525,000 $51,931 4.50%
    Mineral Wells, TX (FHA|USDA|VA) 4 $1,510,000 $377,500 $4,458 3.28%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 8 $1,460,000 $182,500 $2,795 3.68%
    TYLER, TX (FHA|USDA|VA) 6 $1,250,000 $208,333 $3,293 4.00%
    Snyder, TX (FHA|USDA|VA) 7 $1,245,000 $177,857 $4,022 2.80%
    Ruidoso, NM (FHA|USDA|VA) 5 $1,175,000 $235,000 $2,922 2.73%
    OKLAHOMA CITY, OK (FHA|USDA|VA) 2 $1,090,000 $545,000 $3,856 2.88%
    ALBUQUERQUE, NM (FHA|USDA|VA) 3 $845,000 $281,667 $3,674 2.92%
    SALT LAKE CITY, UT (FHA|USDA|VA) 2 $720,000 $360,000 $2,918 3.06%
    COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 3 $705,000 $235,000 $5,711 2.92%
    WACO, TX (FHA|USDA|VA) 4 $660,000 $165,000 $2,315 4.32%
    Brownwood, TX (FHA|USDA|VA) 3 $635,000 $211,667 $3,988 2.83%
    CORPUS CHRISTI, TX (FHA|USDA|VA) 2 $600,000 $300,000 $5,097 3.31%
    EL PASO, TX (FHA|USDA|VA) 2 $590,000 $295,000 $10,496 3.88%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $580,000 $290,000 $1,684 2.94%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $545,000 $545,000 $3,615 3.38%
    Andrews, TX (FHA|USDA|VA) 1 $545,000 $545,000 $7,040 3.13%
    MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 3 $515,000 $171,667 $2,813 3.55%
    Granbury, TX (FHA|USDA|VA) 2 $480,000 $240,000 $6,239 3.13%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $475,000 $475,000 $3,905 3.13%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $465,000 $465,000 $5,446 3.25%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $445,000 $445,000 $3,592 2.63%
    Hobbs, NM (FHA|USDA|VA) 2 $390,000 $195,000 $5,650 3.06%
    SHERMAN-DENISON, TX (FHA|USDA|VA) 2 $370,000 $185,000 $3,907 2.56%
    ODESSA, TX (FHA|USDA|VA) 1 $365,000 $365,000 $17,584 2.75%
    Lamesa, TX (FHA|USDA|VA) 3 $355,000 $118,333 $4,671 2.92%
    Kerrville, TX (FHA|USDA|VA) 1 $335,000 $335,000 $5,609 2.75%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $335,000 $335,000 $3,319 4.75%
    RACINE, WI (FHA|USDA|VA) 1 $325,000 $325,000 $3,127 4.63%
    Big Spring, TX (FHA|USDA|VA) 3 $315,000 $105,000 $4,642 3.46%
    SAN ANGELO, TX (FHA|USDA|VA) 2 $310,000 $155,000 $5,322 3.31%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $285,000 $285,000 $3,886 3.13%
    BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $275,000 $275,000 $3,396 2.25%
    Roswell, NM (FHA|USDA|VA) 1 $265,000 $265,000 $7,897 2.88%
    WICHITA FALLS, TX (FHA|USDA|VA) 2 $260,000 $130,000 $3,210 3.31%
    Seneca, SC (FHA|USDA|VA) 1 $235,000 $235,000 $3,867 2.88%
    Rockport, TX (FHA|USDA|VA) 1 $225,000 $225,000 $3,245 3.00%
    SAVANNAH, GA (FHA|USDA|VA) 1 $205,000 $205,000 $3,662 3.38%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $205,000 $205,000 $2,412 2.50%
    LONGVIEW, TX (FHA|USDA|VA) 1 $195,000 $195,000 $4,339 3.50%
    Enterprise, AL (FHA|USDA|VA) 1 $195,000 $195,000 $3,141 3.63%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,710 3.63%
    Barre, VT (FHA|USDA|VA) 1 $185,000 $185,000 $3,131 2.75%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $175,000 $175,000 $3,035 3.00%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $175,000 $175,000 $3,123 3.13%
    Stillwater, OK (FHA|USDA|VA) 1 $145,000 $145,000 $4,627 3.13%
    NEW BERN, NC (FHA|USDA|VA) 1 $135,000 $135,000 $5,344 3.00%
    Dumas, TX (FHA|USDA|VA) 1 $85,000 $85,000 $3,034 2.38%
    Clovis, NM (FHA|USDA|VA) 1 $75,000 $75,000 $3,607 3.88%
    Bonham, TX (FHA|USDA|VA) 1 $65,000 $65,000 $2,365 5.50%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $65,000 $65,000 $2,495 3.25%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $65,000 $65,000 $2,667 3.00%
    Texas Tech's top markets include Lubbock, Dallas, Houston, Austin, and Levelland among others.

    Their top states include:
  • Texas (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Similar Lenders

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

    United Heritage Credit Union
    Similarity Rank: 636
    Truity Federal Credit Union
    Similarity Rank: 819
    U S WIDE FINANCIAL LLC
    Similarity Rank: 924
    Alliance Credit Union
    Similarity Rank: 1044
    First United Bank
    Similarity Rank: 1190
    CAPITAL PLUS FINANCIAL, LLC
    Similarity Rank: 1200
    Credence Funding Corporation
    Similarity Rank: 1313
    WESTSTAR MORTGAGE CORPORATION
    Similarity Rank: 1408
    CHEVRON
    Similarity Rank: 1665

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,658 $374,380,000 $225,802 $3,917 3.33%
    FHA 217 $41,985,000 $193,479 $7,145 3.04%
    VA 59 $17,295,000 $293,136 $7,613 2.75%

    For 2021, Texas Tech's most frequently originated type of loan was Conventional, with 1,658 originations. Their 2nd most popular type was FHA, with 217 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,350 $306,910,000 $227,341 $4,771 3.41%
    Refi 577 $125,385,000 $217,305 $3,512 2.96%
    Cash Out Refi 6 $1,020,000 $170,000 $3,785 2.96%
    Home Improvement 1 $345,000 $345,000 $4,589 2.50%

    For 2021, Texas Tech's most frequently cited loan purpose was Home Purchase, with 1,350 originations. The 2nd most popular reason was Refi, with 577 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,457 $346,365,000 $237,725 $4,854 3.22%
    15 Year 386 $67,770,000 $175,570 $2,745 3.57%
    20 Year 53 $11,685,000 $220,472 $3,520 2.98%
    10 Year 31 $4,905,000 $158,226 $3,249 2.99%
    Other 7 $2,935,000 $419,286 $10,466 3.30%

    For 2021, Texas Tech's most frequently cited loan duration was 30 Year, with 1,457 originations. The 2nd most popular length was 15 Year, with 386 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,087 $238,325,000 $219,250
    $<1k 698 $141,320,000 $202,464
    $2k-3k 71 $16,665,000 $234,718
    $3k-4k 35 $10,505,000 $300,143
    $5k+ 22 $17,690,000 $804,091
    $4k-5k 20 $9,090,000 $454,500

    Texas Tech's average total fees were $4,854, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,087 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 682 $157,940,000 $231,584
    3-4% 671 $146,375,000 $218,145
    <2.5% 300 $64,560,000 $215,200
    4-5% 156 $47,350,000 $303,526
    5-6% 113 $15,275,000 $135,177
    6-7% 12 $2,160,000 $180,000

    During 2021, Texas Tech's average interest rate for loans was 3.22%, while their most frequently originated rate bucket for loans was 2.5-3%, with 682 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 844 $127,080,000 $150,569 $3,844 3.29%
    $200k-400k 696 $190,120,000 $273,161 $4,919 3.15%
    $100,000 or less 209 $15,845,000 $75,813 $2,714 3.70%
    $400k-600k 159 $76,045,000 $478,270 $5,852 3.06%
    $600k-1MM 18 $13,370,000 $742,778 $8,963 4.16%
    $1MM+ 8 $11,200,000 $1,400,000 $20,686 4.50%

    2021 saw Texas Tech place emphasis on $100k-200k loans with 844 originations, totaling $127,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 454 $106,030,000 $233,546 $4,429 3.14%
    $150k-250k 397 $99,895,000 $251,625 $4,037 3.57%
    $50k-75k 343 $60,275,000 $175,729 $4,625 3.03%
    $75k-100k 303 $60,135,000 $198,465 $4,435 3.04%
    $250k+ 268 $84,440,000 $315,075 $4,627 3.76%
    $50k or less 169 $22,885,000 $135,414 $4,205 3.12%

    Texas Tech lent most frequently to those with incomes in the $100k-150k range, with 454 originations. The second most popular income band? $150k-250k, with 397 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 426 $93,130,000 $218,615 $4,030 3.19%
    30-36% 365 $80,845,000 $221,493 $4,157 3.22%
    <20% 194 $46,930,000 $241,907 $4,028 3.17%
    50-60% 92 $20,920,000 $227,391 $6,553 3.59%
    36% 85 $18,525,000 $217,941 $4,691 3.42%
    38% 84 $18,400,000 $219,048 $4,349 3.21%
    39% 83 $18,945,000 $228,253 $4,739 3.25%
    37% 82 $18,100,000 $220,732 $4,341 3.24%
    42% 71 $15,985,000 $225,141 $4,115 3.34%
    44% 71 $14,745,000 $207,676 $4,593 3.19%
    40% 56 $12,630,000 $225,536 $4,229 3.40%
    45% 51 $11,385,000 $223,235 $4,346 3.53%
    41% 50 $11,600,000 $232,000 $4,722 3.25%
    43% 49 $11,905,000 $242,959 $5,040 3.20%
    46% 41 $9,715,000 $236,951 $4,497 3.43%
    47% 39 $8,365,000 $214,487 $4,431 3.27%
    49% 35 $7,805,000 $223,000 $5,658 3.19%
    48% 34 $6,870,000 $202,059 $4,670 3.32%
    >60% 21 $5,915,000 $281,667 $3,523 4.86%

    Texas Tech lent most frequently to those with DTI ratios of 20-30%, with 426 originations. The next most common DTI ratio? 30-36%, with 365 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,359 $307,365,000 $226,170 $4,426 3.25%
    Not provided 433 $97,675,000 $225,577 $4,394 3.27%
    Asian 87 $17,465,000 $200,747 $3,644 3.67%
    Black 31 $5,655,000 $182,419 $4,851 3.60%
    Asian Indian 10 $2,190,000 $219,000 $3,926 3.33%
    American Indian 10 $2,150,000 $215,000 $5,251 3.31%
    Other Pacific Islander 1 $355,000 $355,000 $5,137 3.00%
    Native Hawaiian or Islander 1 $345,000 $345,000 $5,037 3.25%
    Other Asian 1 $245,000 $245,000 $4,415 2.50%
    Filipino 1 $215,000 $215,000 $3,842 2.50%

    Approval Rates

    Total approvals of all applications
    98.04%

    Texas Tech has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    81.08%

    Texas Tech has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,934 $433,660,000 $224,230

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,934 $433,660,000 $224,230

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 85 $17,225,000 $202,647 $2,603 3.94%
    40-60% 111 $19,805,000 $178,423 $3,464 2.78%
    60-80% 686 $146,990,000 $214,271 $4,011 3.17%
    80-100% 929 $233,535,000 $251,383 $5,150 3.12%
    Over 100% 18 $5,230,000 $290,556 $11,676 2.77%
    Under 20% 105 $10,875,000 $103,571 $1,328 5.46%