Texas Trust Home Loans overview
Based in Dallas, Texas Trust Home Loans is an online mortgage lender affiliated with American Heritage Capital. It offers conventional, jumbo and FHA loans as well as refinancing options.
To get started, borrowers complete a short online form and are able to review real-time mortgage rates without having to create an account or share personal contact information. To view products and rates, borrowers answer a few questions about property location, down payment amount and credit score. The application process should take between 15 and 30 minutes. There are no application fees, but if a borrower decides to go with another lender after locking in their mortgage rate, they may be charged a cancellation fee.
Although borrowers work with a single loan officer, Texas Trust Home Loans employs a team-based approach which ensures that customers are always able to connect with someone. Borrowers usually close within 24 days for a home purchase and within 27 days for a refinance.
According to Nash Prasla, CEO of Texas Trust Home Loans, borrowers are able to see “virtually everything” on the website and review rates that are 100-percent accurate at the time of inquiry. The online lender also prides itself on having a transparent process so that borrowers are never surprised by hidden or additional fees.
- First-time buyer
- Adjustable (ARM)
- Rate-and-term refinancing
- Cash-out refinancing
- Home equity loans
Texas Trust Home Loans charges no upfront, application or origination fees. Borrowers are responsible for paying a non-refundable appraisal fee and credit report fee. This amount can range from $25 to $1,200 and depends on location, size and condition of property. Most borrowers pay $490 for the appraisal deposit. Not all transactions, however, require an appraisal. Borrowers must supply a credit card to cover the appraisal report deposit and the full fee will be charged after the appraisal is ordered.
There is no fee to lock your rate with Texas Trust Home Loans. Rate-lock periods are 30 or 45 days and secure both the mortgage rate and closing fee amount. If you get a rate lock with Texas Trust Home Loans, but close a loan with another lender within 120 days of cancelling the loan with Texas Trust Home Loans, you may face a cancellation fee. This fee is 1 percent of the loan amount; it does not apply if a loan is denied or if the purchase contract falls through.
Minimum borrower requirements
Following Fannie Mae and Freddie Mac guidelines, borrowers must have a credit score of at least 620 for a conventional loan and must have at least 3 percent available for a down payment. Borrowers must have a maximum debt-to-income ratio (DTI) of 50 percent for a conventional loan and a maximum DTI of 43 percent for a jumbo loan.
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