Quicken Loans
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Learn More | Read More | |
Rocket Mortgage
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Learn More (800) 762-5471 | Read More | |
AmeriSave
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Learn More | Read More | |
HomeDirect
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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
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Location
100 Santa Fe Dr., Ste. 3
Waco, TX 76712
(254) 340-2462
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Wallick & Volk Waco
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Location
919 N. Valley Mills Dr., Ste. D
Waco, TX 76710
(254) 772-5430
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American Bank
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Location
1601 N. I-35 Frontage Rd.
Waco, TX 76705
(254) 412-2000
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The Koehn Mortgage Group - Waco
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Location
1600 Lake Air Dr.
Waco, TX 76710
(254) 405-6690
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PrimeLending
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Location
4700 Bosque Blvd., Ste. K
Waco, TX 76710
(254) 230-9468
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The McCulloch Mortgage Team
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Location
4800 Lake Arrowhead Dr.
Waco, TX 76710
(254) 744-4627
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Extraco Banks
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Location
1700 N. Valley Mills Dr.
Waco, TX 76710
(254) 761-2000
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loanDepot Waco
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Location
600 Lake Air Dr., Ste.1a
Waco, TX 76710
(254) 722-4940
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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 |
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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
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:
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:
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.
Quicken Loans |
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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. |
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Learn More |
Rocket Mortgage |
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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. |
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Learn More (800) 762-5471 |
AmeriSave |
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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. |
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Learn More |
HomeDirect |
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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. |
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