Texas Tech Mortgage Rates, Fees & Info
Lubbock, TXLEI: 549300U2B1ZNGX3H8U54
Tax ID: 75-1157852
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Mortgage Data
Review & Overview
Texas Tech is a smaller mortgage company specializing in Home Purchase loans. Texas Tech has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Lubbock, Amarillo, Dallas, Odessa, and Levelland among others. We have data for 34 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 a low 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.92% | 4/16/25 |
| 30 Year Conventional Refi | 6.91% | 4/16/25 |
| 30 Year Cash-out Refi | 7.13% | 4/16/25 |
| 30 Year FHA Purchase | 7.06% | 4/16/25 |
| 30 Year FHA Refi | 6.72% | 4/16/25 |
| 30 Year VA Purchase | 6.43% | 4/16/25 |
| 30 Year VA Refi | 6.72% | 4/16/25 |
| 30 Year USDA Purchase | 6.52% | 4/16/25 |
| 15 Year Conventional Purchase | 8.14% | 4/16/25 |
| 15 Year Conventional Refi | 8.03% | 4/16/25 |
| 15 Year Cash-out Refi | 8.03% | 4/16/25 |
| 15 Year FHA Purchase | 7.10% | 4/16/25 |
| 15 Year VA Purchase | 6.29% | 4/16/25 |
| 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 Tech Mortgage Calculator
Your Estimates
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This is not an official calculator from Texas Tech. 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
915Origination Dollar Volume (All Markets)
$225,635,000Awards
TEXAS TECH - 2024
TEXAS TECH is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Texas Tech's average 30 year fixed mortgage rate was
6.58%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.03%.
Relative Fees (Closing Costs)
Texas Tech's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,642.
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 $8,356.
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) | 594 | $143,510,000 | $241,599 | $6,552 | 6.65% |
| AMARILLO, TX (FHA|USDA|VA) | 152 | $36,230,000 | $238,355 | $6,705 | 6.55% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 45 | $11,385,000 | $253,000 | $3,942 | 8.10% |
| ODESSA, TX (FHA|USDA|VA) | 7 | $6,645,000 | $949,286 | $6,857 | 6.95% |
| Outside of Metro Areas | 23 | $4,955,000 | $215,435 | $6,086 | 6.83% |
| Levelland, TX (FHA|USDA|VA) | 15 | $3,935,000 | $262,333 | $6,374 | 6.54% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 17 | $3,775,000 | $222,059 | $2,005 | 8.45% |
| Borger, TX (FHA|USDA|VA) | 8 | $1,420,000 | $177,500 | $5,250 | 6.45% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 4 | $1,310,000 | $327,500 | $9,666 | 7.48% |
| MIDLAND, TX (FHA|USDA|VA) | 3 | $1,225,000 | $408,333 | $7,832 | 6.75% |
| Plainview, TX (FHA|USDA|VA) | 6 | $1,160,000 | $193,333 | $6,580 | 6.96% |
| ABILENE, TX (FHA|USDA|VA) | 5 | $1,015,000 | $203,000 | $6,641 | 6.70% |
| Granbury, TX (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $5,941 | 6.50% |
| Snyder, TX (FHA|USDA|VA) | 5 | $905,000 | $181,000 | $6,097 | 6.35% |
| BELLINGHAM, WA (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $4,791 | 7.00% |
| Dumas, TX (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $4,749 | 6.63% |
| DECATUR, AL (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $5,849 | 6.81% |
| Mineral Wells, TX (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $7,037 | 7.25% |
| Hobbs, NM (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $4,725 | 6.75% |
| Pampa, TX (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $6,545 | 6.92% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $1,288 | 8.65% |
| Hereford, TX (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $7,017 | 6.31% |
| Ruidoso, NM (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,338 | 6.88% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,984 | 7.00% |
| Portales, NM (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $10,152 | 6.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,049 | 7.13% |
| SAN ANGELO, TX (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $9,738 | 6.50% |
| LAREDO, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,528 | 6.63% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $9,210 | 6.25% |
| Lamesa, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $6,135 | 7.13% |
| TEXARKANA, TX-AR (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $7,314 | 8.00% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $9,466 | 6.50% |
| Forrest City, AR (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,053 | 7.00% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,043 | 6.50% |
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.
Similarity Rank: 16
Similarity Rank: 105
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Similarity Rank: 144
Similarity Rank: 153
Similarity Rank: 171
Similarity Rank: 180
Similarity Rank: 275
Similarity Rank: 276
Similarity Rank: 327
Product Mix
For 2024, Texas Tech's most frequently originated type of loan was Conventional, with 606 originations. Their 2nd most popular type was FHA, with 258 originations.
Loan Reason
For 2024, Texas Tech's most frequently cited loan purpose was Home Purchase, with 834 originations. The 2nd most popular reason was Refi, with 70 originations.
Loan Duration/Length
For 2024, Texas Tech's most frequently cited loan duration was 30 Year, with 789 originations. The 2nd most popular length was 15 Year, with 85 originations.
Origination Fees/Closing Costs
Texas Tech's average total fees were $6,642, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 494 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 530 | $128,900,000 | $243,208 |
| 7-8% | 173 | $49,155,000 | $284,133 |
| 5-6% | 138 | $32,990,000 | $239,058 |
| Over 8% | 72 | $14,230,000 | $197,639 |
| 4-5% | 2 | $360,000 | $180,000 |
During 2024, Texas Tech's average interest rate for loans was 6.58%, while their most frequently originated rate bucket for loans was 6-7%, with 530 originations.
Loan Sizing
2024 saw Texas Tech place emphasis on $200k-400k loans with 420 originations, totaling $113,500,000 in origination value.
Applicant Income
Texas Tech lent most frequently to those with incomes in the $100k-150k range, with 217 originations. The second most popular income band? $150k-250k, with 175 originations.
Applicant Debt to Income Ratio
Texas Tech lent most frequently to those with DTI ratios of 20-30%, with 167 originations. The next most common DTI ratio? 30-36%, with 167 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.18%
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 origination80.55%
Texas Tech has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 915 | $225,635,000 | $246,596 |