The Best Mortgage Lenders in Katy, TX
Compare verified mortgage lenders serving Katy, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Katy
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is highly regarded in Katy for its exceptional customer service, competitive rates, and extensive loan options. With over 25 years of experience, they have built a strong local presence, offering personalized guidance and efficient processing. Their high ratings stem from a commitment to transparency and community involvement, making them a top choice for homebuyers in the area.
Loan Types:
New American Funding
New American Funding
New American Funding is a nationally recognized lender with a strong foothold in the Katy market, known for its diverse loan products and digital tools that simplify the mortgage process. They emphasize inclusivity and customer satisfaction, with many reviews praising their responsive service and competitive rates. Their two decades of experience ensure reliable support for both first-time and experienced homebuyers.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage stands out for its fast closings and customer-centric approach, serving Katy with a range of flexible loan options. Their high ratings reflect a focus on efficiency and local expertise, with many customers highlighting smooth transactions and helpful staff. As an established lender since 2008, they combine innovation with reliability, making them a trusted option in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Katy, TX
Are there any special mortgage programs for first-time homebuyers in Katy, Texas?
Yes, Katy homebuyers can access several Texas-wide programs, such as the Texas Department of Housing and Community Affairs (TDHCA) programs which offer down payment assistance and competitive interest rates for eligible borrowers. Additionally, some local lenders in the Katy area may have specific community programs or grants aimed at helping first-time buyers in Fort Bend and Harris counties manage the upfront costs of purchasing a home in this competitive market.
How do Katy's property taxes impact my mortgage payment and qualification?
Katy's location across Fort Bend and Harris counties means property taxes are a significant component of your monthly payment, often ranging from 2.3% to 3% or more of the home's assessed value. Lenders will factor this high escrow payment into your debt-to-income ratio, which can reduce the loan amount you qualify for compared to areas with lower taxes. It's crucial to get a precise tax estimate when budgeting for your total monthly mortgage payment.
What is a typical down payment needed for a home in Katy's current market?
While conventional loans with 5-20% down are common, the highly competitive Katy market, especially for popular master-planned communities, often sees buyers making stronger offers with down payments of 10% or more to stand out. For new construction in areas like Cinco Ranch or Cross Creek Ranch, builders' preferred lenders may sometimes offer incentives with lower down payment requirements, but being prepared for a larger down payment is advisable.
Are there specific mortgage considerations for buying a home in a Katy master-planned community?
Yes, when buying in a master-planned community like Cinco Ranch or Elyson, you must account for mandatory Homeowners Association (HOA) fees, which lenders will include in your qualifying debt-to-income ratio. Furthermore, some communities have specific builder contracts or preferred lenders; while you are not required to use them, they may offer closing cost incentives worth evaluating against other market rates.
How do flood zone designations in parts of Katy affect the mortgage process?
Many areas in Katy, particularly those near Barker Reservoir or Cypress Creek, are in designated flood zones. Your lender will require a flood certification, and if the home is in a high-risk zone (Special Flood Hazard Area), you must purchase flood insurance as a condition of the mortgage. This is an additional, mandatory insurance cost that must be escrowed into your monthly payment, impacting your overall housing budget.
Why Choose a Mortgage Lender in Katy?
Local Market Knowledge
Lenders who understand Katy'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 Katy and get competitive rates on your home loan.