Texas Trust Home Loans Mortgage Review 2023

Breakdown of Texas Trust Home Loans overall review score

• Affordability: 5/5
• Availability: 5/5
• Borrower experience: 4.3/5

Loan types 

• Conventional
• Jumbo
• FHA (Currently suspended)
• Fixed-rate
• Adjustable-rate
• Rate-and-term and cash-out refinancing
• Home equity loan
• Investment property

Lender fees 

Texas Trust Home Loans does not charge origination fees or underwriting fees. One upfront payment you’ll need to pay is the non-refundable fee for an appraisal, which runs between $450 and $1,200.

Rates 

Texas Trust Home Loans displays mortgage rates online and updates them daily, as well as displays closing cost estimates. All of this information is available without needing to share your personal information.

The lender offers a wide range of rate options that include paying a higher rate in exchange for lower closing costs and vice versa. After you complete a loan application, you can lock in your rate for 30 days or 45 days for no additional charge. There is also a rate float-down policy, which allows you to qualify for a lower interest rate if your new rate is at least 0.375 percent lower.

Be sure you know which type of loan program you want before locking your rate, though. If you decide to make changes, you’ll pay a penalty: an interest rate that is 0.125 percent higher.

Online services 

Texas Trust Home Loans’ rate comparison tool, which is based on your down payment, credit score and a few other details, is one of the most convenient tools Bankrate has seen in the home loan landscape — especially because you can do it without sharing your name and email address.

If you’re ready to move forward with a loan, the lender offers a streamlined digital experience, utilizing e-sign technology, electronic delivery of disclosures, electronic uploading of personal documentation and a portal that allows you to track the status of your application.

Minimum borrower requirements 

You’ll need a minimum credit score of 620 to qualify for a mortgage through Texas Trust Home Loans and a debt-to-income (DTI) ratio of no higher than 50 percent. The lender typically does not consider alternative credit data, such as your rent payment history, in underwriting.

Refinancing with Texas Trust Home Loans

With Texas Trust Home Loans, you can refinance your current mortgage, take cash out (maximum loan-to-value, or LTV, ratio of 80 percent) or consolidate other debts. You can use the lender’s rate tool to compare different options with closing costs and lender credits. 

Not sure if Texas Trust Home Loans is right for you? Consider these alternatives 

• LowRates.com mortgage review: More widely available and a fast closing process
• Better.com mortgage review: No lender fees and similar credit score requirements
• Lower mortgage review: Also publishes rates online, but charges lender fees
• Direct Lending reviews: Five-star reviews from more than 120 past customers
• Direct Home Lending review: Also has exceptional customer reviews on Bankrate

Methodology

Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

• Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
• Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
• Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

Bankrate’s methodology page spells out our rating process in greater detail.