The Best Mortgage Lenders in Lubbock, TX
Compare verified mortgage lenders serving Lubbock, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Lubbock
Featured Mortgage Lenders
Prosperity Bank
Prosperity Bank
Prosperity Bank is a Texas-based community bank with a strong local presence in Lubbock, known for its personalized mortgage services and competitive rates. Founded in 1999, it has built a reputation for reliability and customer satisfaction, offering a wide range of loan products tailored to first-time homebuyers and refinancers. With high ratings for its friendly, knowledgeable staff and efficient processing, Prosperity Bank is a top choice for residents seeking trusted local lending expertise.
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PlainsCapital Bank
PlainsCapital Bank
PlainsCapital Bank has been a cornerstone of the Lubbock mortgage market for over three decades, providing exceptional service and competitive loan options. With deep roots in West Texas, they are praised for their local decision-making, transparency, and commitment to community banking. Customers consistently highlight their smooth application process and supportive staff, making them a highly rated lender for both purchase and refinance mortgages in the region.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a nationally acclaimed mortgage lender with a robust presence in Texas, serving Lubbock through online tools and local support. Founded in 2000, it excels in providing fast, digital-friendly mortgage solutions with competitive rates and a variety of loan products. Highly rated for its customer service, innovative technology, and efficient closing processes, Guaranteed Rate is a top pick for borrowers seeking a seamless and reliable lending experience from a reputable company.
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Frequently Asked Questions
Common questions about mortgage lending in Lubbock, TX
What are the current mortgage rates like in Lubbock, TX, and how do they compare to the national average?
Mortgage rates in Lubbock typically align closely with national averages, but local competition among lenders can sometimes offer slightly more favorable terms. As a market with a stable economy driven by Texas Tech University and healthcare, Lubbock often sees competitive conventional, FHA, and VA loan rates. It's advisable to compare offers from local credit unions, regional banks, and national lenders to secure the best rate.
Are there any special down payment assistance or first-time homebuyer programs available specifically for Lubbock residents?
Yes, Lubbock homebuyers can access the Texas State Affordable Housing Corporation (TSAHC) programs, which offer down payment assistance and competitive mortgage rates for qualifying first-time and repeat buyers. Additionally, the City of Lubbock itself occasionally administers or partners on grant programs for low-to-moderate income buyers, particularly in targeted revitalization areas, so checking with local housing nonprofits is recommended.
How does the property tax rate in Lubbock County impact my monthly mortgage payment and loan qualification?
Lubbock County property tax rates are a significant component of your monthly escrow payment, often higher than the national average, which can affect debt-to-income ratios. Lenders will factor these taxes into your monthly obligation, so when budgeting, account for an effective tax rate of approximately 2.0% to 2.3% of the home's assessed value. This makes accurate payment estimation crucial for affordability in the Lubbock market.
What should I know about getting a mortgage for a home in Lubbock's older neighborhoods versus newer subdivisions?
Financing in historic or older central Lubbock neighborhoods (like Tech Terrace) may require closer scrutiny of the home's condition for a conventional loan, and you might consider an FHA 203(k) renovation loan for updates. For newer subdivisions in southwest Lubbock, construction is recent enough that appraisals and inspections are typically straightforward, but some developments may have specific homeowner association covenants that lenders will need to review.
Does Lubbock's climate and risk of severe weather affect the mortgage process, particularly regarding insurance?
Yes, due to Lubbock's exposure to high winds, hail, and tornado risk, lenders will require you to secure a homeowner's insurance policy that includes windstorm coverage. This insurance can be more costly than in less risky areas, impacting your total monthly payment. It's wise to shop for insurance quotes early in the homebuying process to avoid surprises at closing.
Nearby Cities
Explore mortgage lenders in cities near Lubbock, TX
Why Choose a Mortgage Lender in Lubbock?
Local Market Knowledge
Lenders who understand Lubbock'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 Lubbock and get competitive rates on your home loan.