The Best Mortgage Lenders in Amarillo, TX
Compare verified mortgage lenders serving Amarillo, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Amarillo
Featured Mortgage Lenders
Happy State Bank Mortgage
Happy State Bank
Happy State Bank is a highly-rated local Texas bank with deep roots in the Amarillo community, offering personalized mortgage services with local underwriting and decision-making. Their mortgage team receives exceptional reviews for responsive service, competitive rates, and guiding borrowers through the entire home financing process. As a community bank founded over a century ago, they combine modern mortgage products with traditional customer service values, making them a top choice for Amarillo homebuyers seeking reliable local lending expertise.
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First United Bank Mortgage
First United Bank
First United Bank maintains a strong mortgage lending presence in Amarillo with excellent customer satisfaction ratings and competitive loan programs. Their local mortgage experts provide personalized service with the advantage of local loan decisions and processing. The bank offers comprehensive mortgage solutions including construction loans and specialized programs for first-time homebuyers. With over 120 years of Texas banking experience, they've built a reputation for reliability and community commitment, making them a trusted mortgage partner in the Panhandle region.
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Benchmark Mortgage
Benchmark Mortgage
Benchmark Mortgage's Amarillo office consistently receives top ratings for exceptional customer service and mortgage expertise. As a dedicated mortgage lender rather than a full-service bank, they specialize exclusively in home loans, allowing for deeper expertise and more streamlined processes. Their loan officers are praised for their knowledge of local market conditions and ability to secure competitive rates. With national lending capabilities combined with local service, they offer a wide range of loan products and have built a strong reputation for closing loans efficiently while providing outstanding borrower education and support.
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Frequently Asked Questions
Common questions about mortgage lending in Amarillo, TX
What are the current mortgage rates like in Amarillo, TX, and how do they compare to the national average?
Mortgage rates in Amarillo typically align closely with national averages, but local lenders may offer competitive rates due to the area's stable housing market and lower cost of living. It's common to see rates slightly below the national average, especially for borrowers with strong credit. Shopping among local credit unions, community banks, and national lenders is key to finding the best rate in Amarillo.
Are there any special down payment assistance or first-time homebuyer programs available specifically for Amarillo residents?
Yes, the Amarillo Homeownership Program (AHP), administered by the City of Amarillo, offers down payment and closing cost assistance to eligible first-time homebuyers. This is a forgivable grant of up to $7,500. Additionally, the Texas Department of Housing and Community Affairs (TDHCA) offers statewide programs like My First Texas Home, which are widely utilized by Amarillo buyers for competitive rates and down payment help.
How does Amarillo's property tax rate affect my monthly mortgage payment and loan qualification?
Potter and Randall Counties, which encompass Amarillo, have property tax rates that are relatively high for Texas, often ranging from 2.0% to 2.5% of the home's appraised value. Lenders will include this estimated tax in your debt-to-income (DTI) ratio, which can significantly impact how much house you qualify for. It's crucial to factor this into your budget, as it can add several hundred dollars to your monthly escrow payment.
What type of home appraisal challenges are unique to the Amarillo real estate market?
Appraisals in Amarillo can sometimes be challenging due to the mix of older, established neighborhoods and newer developments, making comparable sales ("comps") less straightforward. Additionally, factors like the presence of expansive clay soil, which requires specific foundation considerations, can affect appraisal values and may be flagged by the appraiser, potentially requiring further inspection.
For a VA loan, are there any local considerations in Amarillo I should be aware of, given the proximity to military bases?
Absolutely. With the nearby Pantex Plant and the former Amarillo Air Force Base (now Amarillo International Airport), many VA lenders in Amarillo are very experienced with VA loans. However, due to the region's soil conditions, VA appraisers will pay close attention to foundation integrity and may require a pest inspection. Using a lender familiar with these local VA requirements can streamline the process.
Why Choose a Mortgage Lender in Amarillo?
Local Market Knowledge
Lenders who understand Amarillo's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Texas.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Amarillo and get competitive rates on your home loan.