Texas Trust Home Loans Mortgage Review 2022
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At a glance
Conventional, jumbo, FHA (currently suspended), fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity loan; investment property
Available in Colorado, Florida, New Jersey, North Carolina, Texas, Virginia and Washington
Min. credit score required
620 for conventional loans; 700 for jumbo loans; 580 for FHA loans
Pros and cons
- Currently does not charge lender fees
- Closes purchases in an average of 23 days
- Rates and closing cost estimates published online
- No VA or USDA loans
- Only available in some states
- Charges “worst-case pricing” and a higher interest rate if you want to change loan programs after locking your rate
Texas Trust Home Loans overview
Texas Trust Home Loans is an online mortgage lender affiliated with American Heritage Capital and Lendova Corporation and founded in 2002. Notably, its loan officers aren’t compensated via commission and are salaried professionals. It typically takes one day to obtain a preapproval, and the average closing time for new purchases is 23 days. Past customers have offered exceptional feedback on their experience, too: more than 570 five-star reviews on Bankrate.
Borrowers who want to avoid fees and close quickly
- FHA (Currently suspended)
- Rate-and-term and cash-out refinancing
- Home equity loan
- Investment property
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.
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.
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
Breakdown of Texas Trust Home Loans overall review score
- Affordability: 5/5
- Availability: 5/5
- Borrower experience: 4.3/5
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.
Texas Trust Home Loans consumer reviews
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David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.