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Find the Best Mortgage Lenders in Waco, TX

If you want to buy a house in Waco, you need to find a mortgage. Mortgage lenders provide the necessary funding to purchase a home and serve as invaluable partners that guide you through the complicated homebuying process. We researched the best mortgage lenders in Waco to help find the lowest rates on a loan for your dream home.

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Quicken Loans
Overall satisfaction rating
  • Jumbo, conventional, FHA, VA and custom-term loans
  • Cash-out refinance options available
  • Refinancing for investment properties
  • Available in Waco and nationwide
Learn More Read More
Rocket Mortgage
Overall satisfaction rating
  • Jumbo, conventional, FHA, VA and fixed-rate loans
  • Verified Approval Letters available
  • Make payments and manage your loan online
  • Available in Waco and nationwide
Learn More (800) 762-5471 Read More
Overall satisfaction rating
  • 16 years of industry experience
  • Offers cash-out refinances
  • Available in Waco
  • No hidden fees
Learn More Read More
Overall satisfaction rating
  • Direct lender
  • Keeps the servicing of the loan
  • Email notifications at every step of the process
  • Available in Waco

Offers home loans, mortgage refinancing and home equity loans with competitive rates and flexible plans. Online application. Prioritizes one-on-one customer support. Diverse mortgage products. Lenient down payment requirements.

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The Wood Group of Fairway
  • Named top 10 mortgage company in U.S. by Mortgage Executive Magazine
  • #1 in McLennan County FHA & VA loan volume
  • 24/7 access to mortgage loan information
  • Top 1% of mortgage originators by Mortgage Executive Magazine
100 Santa Fe Dr., Ste. 3
Waco, TX 76712
(254) 340-2462
Wallick & Volk Waco
  • Family owned and operated mortgage lending since 1932
  • Renovation, refinance & reverse mortgage
  • Equal housing lender
  • Best of Waco Mortgage Lender for 5 years by Waco's Magazine
919 N. Valley Mills Dr., Ste. D
Waco, TX 76710
(254) 772-5430
American Bank
  • M-Th: 9am - 4pm
  • F: 9am - 5pm
  • Closed Sat and Sun
  • ambankwaco.com
1601 N. I-35 Frontage Rd.
Waco, TX 76705
(254) 412-2000
The Koehn Mortgage Group - Waco
  • M-F: 8:30am - 5:30pm
  • Closed Sat and Sun
  • kmortgagegroup.com
1600 Lake Air Dr.
Waco, TX 76710
(254) 405-6690
  • M-F: 8:30am - 5pm
  • Closed Sat and Sun
  • lo.primelending.com/waco
4700 Bosque Blvd., Ste. K
Waco, TX 76710
(254) 230-9468
The McCulloch Mortgage Team
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • mccullochteam.com
4800 Lake Arrowhead Dr.
Waco, TX 76710
(254) 744-4627
Extraco Banks
  • M-Th: 9am - 4pm
  • F: 9am - 5pm
  • Closed Sat and Sun
  • extracobanks.com/home-loans
1700 N. Valley Mills Dr.
Waco, TX 76710
(254) 761-2000
loanDepot Waco
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • loandepot.com/branches/waco-tx
600 Lake Air Dr., Ste.1a
Waco, TX 76710
(254) 722-4940

How to choose a mortgage lender in Waco


Because of Waco’s low cost of living, the city has been consistently growing in popularity for those looking to purchase a home. There are many homes on the market, and with an average home price of $107,700 — significantly lower than the $151,500 Texas average — Waco is a cheaper alternative to many other cities nearby.

Because of its proximity to big cities, Waco is also a great city for families who want to live in a smaller community with access to major hubs. Here’s a breakdown of the median value of an owner-occupied home near Waco:

Home values in Waco and surrounding areas

City Median home value Distance from Waco
Waco $107,700 -
Arlington $147,000 81.9
Fort Worth $141,400 83.9
Dallas $154,000 86.9
Austin $285,900 96.1

The U.S. Department of Housing and Urban Development (HUD) reports that economic growth in Waco led to an 8 percent increase in houses sold between 2015 and 2016.

Types of mortgages available in Waco

There are many types of mortgages available in Waco, but all have either fixed or variable rates

  • A fixed-rate mortgage sets your interest rate at a consistent number throughout the entire repayment term, which makes it easier to budget month to month and protects you when interest rates rise. More than 75 percent of homebuyers have a fixed-rate mortgage.
  • An adjustable-rate mortgage typically changes rates every year after an initial fixed-rate period. This option may be cheaper at first and allows you to take advantage when rates drop, but your payments will fluctuate and be more difficult to budget. You also pay more when interest rates rise.

Once you decide which of these two options you prefer, you must choose if you want a government-issued loan or a conventional loan. Conventional loans are more common in Waco but often require a higher credit score.

While there’s a standard belief you need a 20 percent down payment to be approved for a conventional mortgage, many lenders offer loans with a down payment as little as 3 percent. Loans with lower down payments often come with higher interest rates, however, and you may be required to purchase mortgage insurance.

If the value of the house you’re purchasing exceeds the conforming loan limit set annually by the Federal Housing Finance agency, then you’ll require a jumbo mortgage. These loans are for high-value homes and are not eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac. Qualifying for a jumbo mortgage usually requires excellent credit because of the loan value.

Different branches of the U.S. government also issue mortgages. Some of the options include:

  • VA loans are backed by the U.S. Department of Veterans Affairs. These mortgages have low rates and require no down payment, but are only offered to active military service members, veterans and surviving spouses.
  • FHA loans, which are backed by the Federal Housing Administration, accept homebuyers with credit scores as low as 500. These low-interest loans require down payments of 10 percent or less, depending on your credit score. Borrowers must purchase mortgage insurance, however, which increases your total cost.
  • USDA loans are backed by the U.S. Department of Agriculture and are available for homes in specified rural areas. These low-interest loans do not require a down payment.

Texas has a variety of statewide homebuying assistance programs as well.

Your last step is to choose how long you want to pay for your mortgage. The most common in Waco is a 30-year mortgage. Choosing a shorter term, such as 10 or 15 years, reduces the total cost of your mortgage but increases your monthly payments.

When to get a mortgage lender in Waco

While you can wait until you have an accepted offer on a home, it’s a good idea to find a mortgage lender at the beginning of your homebuying process. A mortgage lender can write a pre-approval letter stating how large of a loan you’re approved for, which is used when making an offer on a home. This letter gives you an idea of what additional costs you should expect and helps you budget during the buying process.

Here’s what you need to get pre-approved in Waco:

  • Financial information (bank, savings, checking, investments)
  • Debt obligations (credit cards, student loans, etc.)
  • Two years of tax returns
  • Salary and employer information
  • Amount you plan to put down for a home

A mortgage lender looks over these documents, gets a hard check on your credit score and decides how much you are approved for and at what terms. It’s possible to receive a mortgage rate online, but these are not official preapprovals; you still have to submit an application and get a credit check to receive an accurate rate quote.

Like most loans, you should get mortgage rates from a variety of lenders to compare. Working with a reputable lender is often better than having the lowest rate, but that depends on your needs and budget. Having a low interest rate can help save thousands of dollars in the long run, but having a trustworthy mortgage lender provides reliability and prevents future problems.

Mortgage Companies Reviews

Quicken Loans

Quicken Loans offers VA, FHA, conventional and jumbo mortgages. Fill out its online application to receive recommendations that suit your financial needs and goals. You can then apply or speak to a loan expert for more guidance. Additionally, Quicken Loans provides refinancing services if you already have a mortgage. The company offers loans with adjustable and fixed interest rates, as well as mortgages with 30-year, 15-year and custom terms.

Quicken Loans Learn More

Rocket Mortgage

Rocket Mortgage provides a variety of mortgage products, including conventional, FHA, VA, refinancing or jumbo loans. All of the company’s services can be accessed through its website, including custom recommendations, mortgage applications, instant loan approval and payment processing. It offers fixed-rate loans with 15- or 30-year terms.

Rocket Mortgage Learn More (800) 762-5471


AmeriSave’s online mortgage quote generator takes less than one minute and requires no personal information. Once you get your quote, you can compare your options and find what works best for you with no hidden fees, obligations or commitments. Waco customers appreciate the quick and convenient application process.

AmeriSave Learn More


HomeDirect has an efficient online application process and a minimum credit score requirement of 580, which is one of the lowest in the industry. HomeDirect also has great options for veterans. Waco homebuyers appreciate that the lender services loans as well, letting customers stay with the company through the life of the loan.