Best Dallas-Fort Worth mortgage lenders in 2022

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Editor’s note: The Bankrate Score considers a mortgage lender’s products and services only; it is not a reflection of a lender’s internal operations or practices. We continuously evaluate each lender we review to ensure the Bankrate Score is consistent with this methodology. If you’d like to consider other lenders, visit Bankrate’s lender review hub.

If you want to buy a home in the Dallas-Fort Worth area, you’re not alone: Some 1.3 million new residents are expected to flock to the DFW metro between now and 2029, according to commercial real estate firm Cushman and Wakefield. Whether you want to buy a home, build a home or refinance a mortgage for a home you already own, now’s the time to lock in a relatively low rate to make living in Dallas-Fort Worth as affordable as possible. Here are some of the best mortgage lenders to consider.


Methodology

To determine the best mortgage lenders by city, Bankrate evaluated lenders based on several criteria, including affordability (APR, discounts and/or incentives); availability (approval/closing timelines, loan products); and experience (application process, customer service).


Best Dallas-Fort Worth mortgage lenders

Veterans United Home Loans

Veterans United Home Loans review

If you’re eligible for a VA loan, Veterans United Home Loans could be a fit. The big-time VA lender specializes in loans for military members, but also offers conventional, FHA and USDA loans. It has a five-out-of-five Bankrate Score, indicating a lender whose mix of products and service lend themselves to a top-quality experience.

Loan products
  • Purchase and refinance
  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
Credit requirements
  • 620 for conventional loans and VA loans
Pros
  • Specializes in VA loans
  • Customer support available 24/7
Cons 
  • No home equity lines of credit (HELOCs) or home equity loans

Better.com

Better.com mortgage review

Although Better.com made some less-than-desirable headlines in 2021, the lender’s convenient online platform, competitive rates and lack of fees warrant consideration. Better.com is only an option if you’re seeking a conventional or FHA loan, however; if you want a VA or USDA loan, you’ll need to look elsewhere.

Loan products
  • Purchase and refinance
  • Conventional
  • FHA
  • Jumbo
  • Bridge loan
Credit requirements
  • 620 for conventional loans
Pros
  • All-online experience (but with human support if needed)
  • Big savings thanks to no commissions or fees
  • Possibility for a preapproval letter in just three minutes
Cons
  • No branch locations
  • No VA or USDA loans

LowRates.com

LowRates.com mortgage review

If you’re looking for a fast closing, online mortgage lender LowRates.com has you covered with a 20-day timeline for purchases and the ability to complete underwriting in just 24 hours. With a 4.9 Bankrate Score out of five, you’re likely to have a seamless experience with LowRates.com.

Loan products
  • Purchase and refinance
  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
  • HELOC
  • Home equity loan
  • Construction and renovation loans
  • Investment property
  • Reverse mortgage
Credit requirements
  • 620 for conventional loans
Pros
  • Potential for a fast closing
  • Credit underwriting finished in 24 hours
Cons
  • No branches (unless you visit a Sun West Mortgage Company location, which operates LowRates.com)
  • Not available in Georgia or Massachusetts

First Midwest Bank

First Midwest Bank mortgage review

Although the name might indicate otherwise, First Midwest Bank is a top contender as far as lenders in Texas go. You can choose from conventional, FHA, VA and USDA loans through the bank, and complete the application process for one of these mortgages online (the bank doesn’t have a branch location in the state).

Loan products
  • Purchase and refinance
  • Conventional
  • Jumbo
  • FHA
  • ·VA
  • USDA
  • HELOC
  • Home equity loan
  • Construction and renovation loans
  • Physician loan
  • Portfolio loan
Credit requirements
  • 620 for conventional loans
Pros
  • Online process
  • Might be eligible for a rebate if you’re a banking customer
  • Loan programs for first responders and physicians
Cons 
  • No branch locations in Texas

Ally Bank

Ally Bank mortgage review

Ally Bank’s mortgage offerings are somewhat limited (no government-insured loans), but the bank doesn’t charge any fees and can issue a preapproval in minutes. That sets the stage for a quick closing — according to the bank, its closings clock in up to 10 days faster than the industry average.

Loan products Purchase and refinance

Conventional

Jumbo

Credit requirements 620 for conventional loans; 700 for jumbo loans
Pros
  • Can obtain a preapproval in just three minutes if eligible
  • Rates displayed online and updated regularly
  • No fees on loans
Cons 
  • FHA, VA and USDA loans not available
  • No branches

Local Dallas-Fort Worth mortgage lenders

If you’re new to the mortgage process or would prefer to speak to someone live and in-person, there are plenty of resources available throughout the DFW area. Consider these three lenders with branches nearby.

Randolph-Brooks Federal Credit Union

Being a member of a credit union comes with the perks of lower-cost banking products like checking and savings accounts, and the family-esque feel of membership can also pay off when it’s time to buy or build a home. Texas-based Randolph-Brooks Federal Credit Union (RBFCU) offers construction-to-permanent loans, which allows you to skip paying two sets of closing costs. This credit union can also be a great option if you’re looking for a jumbo loan; it allows down payments as low as 5 percent for that oversized borrowing need.

Chase Home Lending

You don’t have to travel far to find a Chase branch: There are more than 200 throughout the DFW area. While Chase is one of the biggest banks in the world, it still manages to deliver personalized service when it comes to getting a mortgage, and scored toward the top of the charts in J.D. Power’s latest report on customer satisfaction in mortgage servicing. Plus, if you’re a banking customer, you might be able to get a discount on your loan.

Bank of Texas

If you already have a mortgage in Dallas and want to borrow against your home, Bank of Texas is a solid choice to consider for a home equity loan or HELOC. You can schedule appointments to discuss your options at 12 bank centers across the metro area.

What to know when getting a mortgage in Dallas Fort-Worth

While you can’t change what a mortgage lender is willing to let you borrow, you do have a say over how far that money can go. The DFW region is massive, and the housing market isn’t the same across that wide area. In Dallas County, the median sale price was $325,000 as of the end of 2021, according to real estate brokerage Redfin, but in Arlington, that median amount was much lower, at $300,000. Cast a wide net when you’re meeting with a real estate agent so you can get the amenities and space you need at a price the lender is willing to front.

That said, no matter where you go, North Texas is a competitive market — and while that’s good news for home sellers, it’s not-so-good news for buyers. For example, in Fort Worth, the average home is currently selling for around 1 percent above list price, Redfin data shows. The average home goes quickly, too: typically under contract within 20 days.

Start the process with a preapproval letter to signify that you’re a serious buyer who can get the deal done, and approach your home search with a list of must-haves and nice-to-haves. Since it’s a seller’s market, you might not be able to get everything you want — you might have to settle for older appliances now, for instance, but down the road, you can upgrade your kitchen or redo that old bathroom. Bottom line: It doesn’t have to be your dream home on the day you move in — you can make that happen in the future.

Summary: Best Dallas-Fort Worth mortgage lenders

With additional reporting by Sarah Sharkey

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Written by
David McMillin
Contributing writer
David McMillin writes about credit cards, mortgages, banking, taxes and travel. David's goal is to help readers figure out how to save more and stress less.
Edited by
Mortgage editor
Reviewed by
Professor of finance, Creighton University
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