Texas Tech Mortgage Rates, Fees & Info

Lubbock, TX

LEI: 549300U2B1ZNGX3H8U54

Tax ID: 75-1157852

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

Jump to:

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, Austin, Houston, and Midland among others. We have data for 81 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.

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
Home Equity Line of Credit (HELOC) 6.27% 3/28/24
30 Year Conventional Purchase 6.73% 3/28/24
30 Year Conventional Refi 6.50% 3/28/24
30 Year Cash-out Refi 6.72% 3/28/24
30 Year FHA Purchase 7.44% 3/28/24
30 Year VA Purchase 6.28% 3/28/24
30 Year VA Refi 6.18% 3/28/24
15 Year Conventional Purchase 6.66% 3/28/24
15 Year Conventional Refi 6.27% 3/28/24
15 Year Cash-out Refi 6.27% 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 Tech Mortgage Calculator






Your Estimates

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

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

1,967

Origination Dollar Volume (All Markets)

$429,985,000

Awards

TEXAS TECH 30 Year Conventional Loans silver TEXAS TECH 30 Year Conventional Loans gold
Show all (2) awards

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) 1,414 $296,180,000 $209,463 $3,961 3.14%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 205 $52,415,000 $255,683 $3,076 4.39%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 52 $13,040,000 $250,769 $3,004 4.58%
Outside of Metro Areas 49 $10,275,000 $209,694 $4,379 3.38%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 55 $9,885,000 $179,727 $1,909 5.21%
MIDLAND, TX (FHA|USDA|VA) 22 $7,420,000 $337,273 $3,846 3.41%
Plainview, TX (FHA|USDA|VA) 26 $4,220,000 $162,308 $3,559 3.04%
Levelland, TX (FHA|USDA|VA) 15 $3,915,000 $261,000 $4,082 3.04%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 13 $2,765,000 $212,692 $2,481 4.73%
AMARILLO, TX (FHA|USDA|VA) 9 $2,545,000 $282,778 $5,257 3.26%
Ruidoso, NM (FHA|USDA|VA) 6 $2,080,000 $346,667 $4,962 3.06%
ABILENE, TX (FHA|USDA|VA) 7 $1,595,000 $227,857 $4,342 3.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $1,405,000 $1,405,000 $17,063 4.50%
TYLER, TX (FHA|USDA|VA) 4 $1,000,000 $250,000 $3,114 3.31%
ODESSA, TX (FHA|USDA|VA) 3 $945,000 $315,000 $6,916 3.33%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $900,000 $450,000 $6,160 3.50%
Hobbs, NM (FHA|USDA|VA) 4 $870,000 $217,500 $4,241 2.84%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $780,000 $390,000 $2,826 3.00%
SHERMAN-DENISON, TX (FHA|USDA|VA) 4 $720,000 $180,000 $2,297 4.31%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $710,000 $355,000 $2,950 3.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $680,000 $340,000 $2,638 4.56%
Athens, TX (FHA|USDA|VA) 2 $570,000 $285,000 $4,922 2.81%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 2 $570,000 $285,000 $4,821 2.75%
WACO, TX (FHA|USDA|VA) 3 $565,000 $188,333 $3,189 2.67%
CORPUS CHRISTI, TX (FHA|USDA|VA) 2 $530,000 $265,000 $5,429 3.25%
BOULDER, CO (FHA|USDA|VA) 1 $515,000 $515,000 $4,245 2.75%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $455,000 $455,000 $4,690 2.63%
PITTSBURGH, PA (FHA|USDA|VA) 1 $445,000 $445,000 $4,887 2.25%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $435,000 $435,000 $4,460 5.13%
BOISE CITY, ID (FHA|USDA|VA) 1 $425,000 $425,000 $5,719 4.88%
BOWLING GREEN, KY (FHA|USDA|VA) 1 $415,000 $415,000 $3,412 2.88%
Branson, MO (FHA|USDA|VA) 1 $395,000 $395,000 $5,505 4.75%
MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 2 $390,000 $195,000 $3,767 3.06%
Fredericksburg, TX (FHA|USDA|VA) 1 $385,000 $385,000 $7,504 2.88%
Clovis, NM (FHA|USDA|VA) 2 $380,000 $190,000 $7,255 3.31%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $375,000 $375,000 $3,969 2.75%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $365,000 $365,000 $3,579 3.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $355,000 $355,000 $5,663 4.63%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $335,000 $335,000 $2,636 3.13%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $325,000 $325,000 $5,967 4.75%
Andrews, TX (FHA|USDA|VA) 1 $315,000 $315,000 $5,061 3.00%
SAN ANGELO, TX (FHA|USDA|VA) 1 $305,000 $305,000 $3,121 2.25%
Granbury, TX (FHA|USDA|VA) 2 $280,000 $140,000 $2,415 4.12%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $275,000 $275,000 $3,563 3.13%
GAINESVILLE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $3,498 3.13%
Rockport, TX (FHA|USDA|VA) 1 $255,000 $255,000 $4,376 2.75%
Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $245,000 $245,000 $3,411 2.50%
Lebanon, NH-VT (FHA|USDA|VA) 1 $245,000 $245,000 $3,227 2.25%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $235,000 $235,000 $2,717 3.38%
Lamesa, TX (FHA|USDA|VA) 2 $230,000 $115,000 $2,653 2.63%
Kerrville, TX (FHA|USDA|VA) 1 $215,000 $215,000 $3,526 3.25%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $215,000 $215,000 $1,381 4.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $205,000 $205,000 $2,671 2.63%
SANTA FE, NM (FHA|USDA|VA) 1 $205,000 $205,000 $4,855 2.25%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $205,000 $205,000 $2,596 2.25%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $205,000 $205,000 $7,522 3.13%
TUCSON, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $4,083 2.63%
Mount Pleasant, TX (FHA|USDA|VA) 1 $185,000 $185,000 $1,184 6.00%
Barre, VT (FHA|USDA|VA) 1 $185,000 $185,000 $3,186 3.50%
Brenham, TX (FHA|USDA|VA) 2 $180,000 $90,000 $1,346 5.50%
Pampa, TX (FHA|USDA|VA) 1 $175,000 $175,000 $2,847 2.50%
Portsmouth, OH (FHA|USDA|VA) 1 $175,000 $175,000 $3,716 3.50%
Snyder, TX (FHA|USDA|VA) 1 $175,000 $175,000 $3,493 2.88%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $165,000 $165,000 $3,537 3.25%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,605 3.50%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $155,000 $155,000 $2,684 2.63%
Borger, TX (FHA|USDA|VA) 1 $155,000 $155,000 $3,270 2.75%
Hereford, TX (FHA|USDA|VA) 1 $155,000 $155,000 $3,715 3.88%
Stillwater, OK (FHA|USDA|VA) 1 $155,000 $155,000 $3,199 2.75%
Starkville, MS (FHA|USDA|VA) 1 $145,000 $145,000 $3,070 2.63%
Mineral Wells, TX (FHA|USDA|VA) 1 $135,000 $135,000 $2,722 3.00%
BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $135,000 $135,000 $3,778 2.13%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $135,000 $135,000 $2,144 3.00%
Garden City, KS (FHA|USDA|VA) 1 $135,000 $135,000 $2,337 2.25%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $125,000 $125,000 $3,905 3.50%
EL PASO, TX (FHA|USDA|VA) 1 $115,000 $115,000 $1,783 5.49%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $115,000 $115,000 $3,554 2.63%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $75,000 $75,000 $1,119 6.50%
Bonham, TX (FHA|USDA|VA) 1 $65,000 $65,000 $1,194 5.75%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $65,000 $65,000 $2,978 2.88%
Brownwood, TX (FHA|USDA|VA) 1 $55,000 $55,000 $3,009 4.13%
Texas Tech's top markets include Lubbock, Dallas, Austin, Houston, and Midland among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Colorado (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.

    Education Credit Union
    Similarity Rank: 208
    AMARILLO COMMUNITY
    Similarity Rank: 208
    Access Community Credit Union
    Similarity Rank: 275
    My Community Credit Union
    Similarity Rank: 350
    Alliance Credit Union
    Similarity Rank: 522
    United Heritage Credit Union
    Similarity Rank: 657
    AAXY L.L.C.
    Similarity Rank: 1449
    CADENCE LENDING GROUP, INC.
    Similarity Rank: 1480
    MEMBERS CHOICE Credit Union
    Similarity Rank: 1824

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,752 $388,330,000 $221,650 $3,453 3.43%
    FHA 179 $32,125,000 $179,469 $6,463 3.12%
    VA 36 $9,530,000 $264,722 $6,742 2.93%

    For 2020, Texas Tech's most frequently originated type of loan was Conventional, with 1,752 originations. Their 2nd most popular type was FHA, with 179 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,150 $237,290,000 $206,339 $4,053 3.62%
    Refi 817 $192,695,000 $235,857 $3,414 3.07%

    For 2020, Texas Tech's most frequently cited loan purpose was Home Purchase, with 1,150 originations. The 2nd most popular reason was Refi, with 817 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,530 $343,020,000 $224,196 $3,978 3.46%
    15 Year 357 $70,295,000 $196,905 $3,094 3.18%
    20 Year 43 $11,355,000 $264,070 $3,676 3.03%
    10 Year 30 $4,220,000 $140,667 $2,692 3.22%
    Other 6 $1,080,000 $180,000 $3,186 3.06%
    5 Year 1 $15,000 $15,000 $1,162 5.75%

    For 2020, Texas Tech's most frequently cited loan duration was 30 Year, with 1,530 originations. The 2nd most popular length was 15 Year, with 357 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,015 $206,195,000 $203,148
    $1k-2k 857 $182,925,000 $213,448
    $2k-3k 56 $16,960,000 $302,857
    $3k-4k 22 $9,160,000 $416,364
    $5k+ 10 $10,940,000 $1,094,000
    $4k-5k 7 $3,805,000 $543,571

    Texas Tech's average total fees were $3,978, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,015 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 710 $143,470,000 $202,070
    2.5-3% 607 $142,515,000 $234,786
    <2.5% 313 $72,675,000 $232,188
    5-6% 170 $23,870,000 $140,412
    4-5% 133 $42,325,000 $318,233
    6-7% 34 $5,130,000 $150,882

    During 2020, Texas Tech's average interest rate for loans was 3.46%, while their most frequently originated rate bucket for loans was 3-4%, with 710 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 810 $123,090,000 $151,963 $3,527 3.35%
    $200k-400k 707 $192,425,000 $272,171 $4,224 3.18%
    $100,000 or less 270 $19,890,000 $73,667 $2,373 4.17%
    $400k-600k 162 $75,920,000 $468,642 $4,907 3.17%
    $600k-1MM 11 $8,075,000 $734,091 $7,262 4.39%
    $1MM+ 7 $10,585,000 $1,512,143 $12,933 4.52%

    2020 saw Texas Tech place emphasis on $100k-200k loans with 810 originations, totaling $123,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 475 $104,735,000 $220,495 $3,692 3.22%
    $150k-250k 457 $116,035,000 $253,906 $3,545 3.62%
    $50k-75k 337 $55,125,000 $163,576 $4,164 3.14%
    $75k-100k 299 $57,265,000 $191,522 $3,983 3.13%
    $250k+ 256 $76,750,000 $299,805 $3,679 4.09%
    $50k or less 142 $19,790,000 $139,366 $3,782 3.16%

    Texas Tech lent most frequently to those with incomes in the $100k-150k range, with 475 originations. The second most popular income band? $150k-250k, with 457 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 488 $108,660,000 $222,664 $3,571 3.23%
    30-36% 409 $91,195,000 $222,971 $3,730 3.34%
    <20% 180 $39,610,000 $220,056 $3,598 3.27%
    50-60% 83 $17,705,000 $213,313 $4,764 4.02%
    40% 70 $13,280,000 $189,714 $3,657 3.32%
    44% 68 $13,520,000 $198,824 $4,194 3.45%
    38% 67 $16,305,000 $243,358 $4,020 3.47%
    37% 67 $14,255,000 $212,761 $3,706 3.49%
    39% 67 $16,545,000 $246,940 $4,191 3.42%
    36% 61 $14,875,000 $243,852 $4,003 3.16%
    43% 58 $10,720,000 $184,828 $3,867 3.43%
    42% 55 $13,465,000 $244,818 $4,199 3.67%
    41% 49 $10,325,000 $210,714 $3,567 3.49%
    48% 46 $10,530,000 $228,913 $3,772 3.34%
    45% 46 $9,450,000 $205,435 $3,929 3.60%
    46% 44 $9,770,000 $222,045 $4,202 3.24%
    49% 43 $8,115,000 $188,721 $3,918 3.25%
    47% 38 $6,760,000 $177,895 $3,984 3.49%
    >60% 26 $4,410,000 $169,615 $2,376 5.41%

    Texas Tech lent most frequently to those with DTI ratios of 20-30%, with 488 originations. The next most common DTI ratio? 30-36%, with 409 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,510 $334,650,000 $221,623 $3,827 3.36%
    Not provided 300 $62,590,000 $208,633 $3,674 3.47%
    Asian 89 $18,235,000 $204,888 $3,253 3.60%
    Black 44 $8,980,000 $204,091 $4,379 3.79%
    Asian Indian 10 $3,010,000 $301,000 $3,846 2.61%
    American Indian 8 $1,170,000 $146,250 $3,151 3.91%
    Native Hawaiian or Islander 2 $550,000 $275,000 $4,961 3.44%
    Other Asian 2 $470,000 $235,000 $2,658 3.38%
    Filipino 2 $330,000 $165,000 $3,531 3.00%

    Approval Rates

    Total approvals of all applications
    98.83%

    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
    88.71%

    Texas Tech has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,967 $429,985,000 $218,599

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,967 $429,985,000 $218,599

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 83 $18,785,000 $226,325 $2,286 4.78%
    40-60% 137 $27,205,000 $198,577 $3,423 2.82%
    60-80% 663 $156,135,000 $235,498 $3,677 3.12%
    80-100% 926 $211,630,000 $228,542 $4,368 3.19%
    Over 100% 11 $2,905,000 $264,091 $11,147 3.28%
    Under 20% 147 $13,325,000 $90,646 $1,267 5.67%