Texas Trust Home Loans Mortgage Review 2020
By Diane Costagliola
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Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
Based in Dallas, 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. Borrowers work with a single loan officer, but 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 Prasal, 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.Nationwide availability
Available in California, Colorado, Florida, New Jersey, Texas, Virginia and Washington
Minimum credit score
620 for conventional loans; 700 for jumbo loans; 580 for FHA loans
Loan types
Conventional, jumbo, first-time buyers, fixed, adjustable (ARM) and FHA; refinancing options include fixed-rate, cash-out and home equity loan
Pros
- Streamlined online experience allows borrowers to get accurate, real-time rates within seconds without having to create an account or give personal contact information
- Float-down option allows borrowers to secure a lower rate at closing if the new published rate is at least 0.375 percent lower than the locked rate; applies only to fixed-rate mortgages less than $510,400
- No application or hidden fees
- Can lock mortgage rate for free for up to 45 days
Cons
- Borrower may be charged cancellation fee equal to 1 percent of the loan amount if they do not apply in good faith
- Available in a small number of states
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Texas Trust Home Loans overview
Loan types
- Conventional
- Jumbo
- First-time buyers
- Fixed
- Adjustable (ARM)
- FHA
- Refinancing including fixed-rate, cash-out and home equity loan
Lender fees
Texas Trust Home Loans charges no upfront, application or origination fees. Borrowers are responsible for paying the 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.
Lock-in rate periods are 30 or 45 days and secure both the mortgage rate and closing fee amount. There is no fee to lock your rate.
If a borrower gets a rate lock with Texas Trust Home Loans, but closes a loan with another lender within 120 days of cancelling the loan with Texas Trust, they 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 49.99 percent for a conventional loan and a maximum DTI of 43 percent for a jumbo loan.
Get started with Texas Trust Home Loans
Borrowers can apply online.Hours
Texas Trust Home Loans consumer rating and reviews
100% recommended
Customer Service Rating