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 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 Midland among others. We have data for 36 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.73% | 4/21/24 |
| 30 Year Conventional Refi | 6.50% | 4/21/24 |
| 30 Year Cash-out Refi | 6.72% | 4/21/24 |
| 30 Year FHA Purchase | 7.44% | 4/21/24 |
| 30 Year VA Purchase | 6.28% | 4/21/24 |
| 30 Year VA Refi | 6.18% | 4/21/24 |
| 15 Year Conventional Purchase | 6.66% | 4/21/24 |
| 15 Year Conventional Refi | 6.27% | 4/21/24 |
| 15 Year Cash-out Refi | 6.27% | 4/21/24 |
| 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 Tech Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,047Origination Dollar Volume (All Markets)
$203,055,000Awards
TEXAS TECH - 2019
TEXAS TECH is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 777 | $150,905,000 | $194,215 | $4,046 | 4.25% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 116 | $22,120,000 | $190,690 | $2,886 | 5.43% |
| Outside of Metro Areas | 32 | $6,130,000 | $191,563 | $4,244 | 4.36% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 26 | $4,050,000 | $155,769 | $1,737 | 5.90% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 14 | $3,280,000 | $234,286 | $2,376 | 5.79% |
| MIDLAND, TX (FHA|USDA|VA) | 8 | $1,970,000 | $246,250 | $4,024 | 4.36% |
| Plainview, TX (FHA|USDA|VA) | 13 | $1,925,000 | $148,077 | $3,547 | 4.10% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 9 | $1,745,000 | $193,889 | $4,280 | 5.49% |
| Levelland, TX (FHA|USDA|VA) | 10 | $1,460,000 | $146,000 | $3,550 | 4.28% |
| TYLER, TX (FHA|USDA|VA) | 3 | $1,315,000 | $438,333 | $5,091 | 4.92% |
| AMARILLO, TX (FHA|USDA|VA) | 7 | $1,285,000 | $183,571 | $4,418 | 4.21% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $870,000 | $435,000 | $3,724 | 3.75% |
| ABILENE, TX (FHA|USDA|VA) | 3 | $615,000 | $205,000 | $4,861 | 3.88% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $4,976 | 5.38% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $2,001 | 4.63% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $2,356 | 4.38% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,089 | 3.75% |
| EL PASO, TX (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $4,878 | 5.13% |
| Snyder, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,312 | 4.00% |
| TULSA, OK (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,645 | 4.00% |
| Gainesville, TX (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $2,792 | 4.75% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,990 | 5.50% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,012 | 4.75% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,608 | 4.50% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,385 | 3.38% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,401 | 5.13% |
| Hobbs, NM (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,666 | 3.88% |
| Granbury, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,241 | 3.88% |
| Dumas, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,063 | 5.50% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,316 | 4.63% |
| Mineral Wells, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,341 | 4.75% |
| Lamesa, TX (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $3,653 | 4.63% |
| Magnolia, AR (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,241 | 4.13% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,933 | 3.88% |
| Paris, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,221 | 3.75% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $8,405 | 5.49% |
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: 85
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 874 | $172,550,000 | $197,426 | $3,407 | 4.53% |
| FHA | 138 | $22,900,000 | $165,942 | $6,045 | 4.21% |
| VA | 35 | $7,605,000 | $217,286 | $5,439 | 3.92% |
For 2019, Texas Tech's most frequently originated type of loan was Conventional, with 874 originations. Their 2nd most popular type was FHA, with 138 originations.
Loan Reason
For 2019, Texas Tech's most frequently cited loan purpose was Home Purchase, with 840 originations. The 2nd most popular reason was Refi, with 206 originations.
Loan Duration/Length
For 2019, Texas Tech's most frequently cited loan duration was 30 Year, with 771 originations. The 2nd most popular length was 15 Year, with 241 originations.
Origination Fees/Closing Costs
Texas Tech's average total fees were $4,209, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 989 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 415 | $90,225,000 | $217,410 |
| 4-5% | 411 | $76,855,000 | $186,995 |
| 5-6% | 161 | $27,185,000 | $168,851 |
| 6-7% | 59 | $8,335,000 | $141,271 |
| 2.5-3% | 1 | $455,000 | $455,000 |
During 2019, Texas Tech's average interest rate for loans was 4.27%, while their most frequently originated rate bucket for loans was 3-4%, with 415 originations.
Loan Sizing
2019 saw Texas Tech place emphasis on $100k-200k loans with 468 originations, totaling $68,910,000 in origination value.
Applicant Income
Texas Tech lent most frequently to those with incomes in the $100k-150k range, with 233 originations. The second most popular income band? $150k-250k, with 196 originations.
Applicant Debt to Income Ratio
Texas Tech lent most frequently to those with DTI ratios of 20-30%, with 261 originations. The next most common DTI ratio? 30-36%, with 158 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.68%
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 origination85.58%
Texas Tech has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,047 | $203,055,000 | $193,940 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 1,047 | $203,055,000 | $193,940 |