Mortgage companies in Austin are thriving along with the property market…
Choosing the right one can make a big difference in your happiness at your future home.
With inflation at 30-year highs and interest rates climbing higher, mortgage rates are in flux. Fixed mortgage rates are up over 2.5% since the start of 2022, and have more than doubled their 2020 lows.
It’s always a good idea to interview multiple lenders to compare rates and fees before you commit to a mortgage. A good mortgage company can help you navigate one of the most important financial decisions of your life, and save you from being saddled with unnecessary costs.
The best mortgage companies in Austin include the likes of Leaman Team, Austin Capital Mortgage, Highlander Mortgage, Austin Mortgage Associates and PrimeLending. These companies have a proven track record, and the Google and Yelp reviews to back it up.
While there’s no answer to “Who is the #1 mortgage company?”, doing your due diligence in consultation with reputable companies will give you a good picture of what you can expect for your specific situation. So dive into our roundup of mortgage companies in Austin, TX to get started on a big part of your home buying journey.
Home Buying in Austin
Image credit: Tricia Daniel/Shutterstock.com
The supply side is finally catching up with demand, with housing stock in Austin in May 2022 up 86% over the number of listings in May 2021.
The housing market still has a ways to go to catch up with pre-pandemic supply. The number of active listings is down by 48.5% compared to May 2020, which means there are about half as many homes available.
Many of the homes that are now on the market were built or remodeled in response to the housing boom. The overall picture of housing is still demand-driven, with the total inventory of unsold homes, including those in the pipeline, falling by 3.9% from May 2021 due to a drop in pending inventory.
The Austin homes on the market aren’t selling at a discount — the $627,000 median listing price rates a 25.6% increase over that of last year. That’s about $180,000 over the national median for active listings nationwide, and an indicator of the demand still present in the city.
Hot Housing Market Cools
It isn’t all bad news for prospective homeowners. Austin leads the top 50 metro areas in the nation in the percentage of price-reduced listings — 18.3% of the overall stock. This measure is also good for the largest year-over-year jump in reduced-price stock in the nation.
That doesn’t mean things are back to pre-COVID normal.
Another study found that Austin has the second-most overvalued housing market among the nation’s top 100 markets. Practically, that means that Austin homebuyers are paying 67.7% more than the researchers’ expected home value says they should be paying.
In Austin, that difference adds up to a $559,000 price for the average home — a $240,000 difference over the $354,000 that the study says homebuyers should be paying. This wild divergence established itself in 2020, after a mostly stable relationship between the two prices in the 25 years preceding the pandemic.
Best Mortgage Companies in Austin
For many people, getting a mortgage is a rare and difficult undertaking. To add to the difficulty, there are many different mortgage companies in the mix, from traditional banks, mortgage banks and nonbank lenders, as well as mortgage brokers to help navigate the process and get you the best deal. The days of just walking into your local corner bank and taking the mortgage they offer are over, for better or worse.
We’ve scoured the internet to bring you the best-reviewed mortgage companies in Austin. One of them may be right for you.
1. Max Leaman, Leaman Team
Phone: (512) 710-1400
Website: https://www.maxleaman.com
Max Leaman and his mortgage company are one of the best-rated broker-lenders in the Austin area. Tracing their Austin roots to 2001, the Leaman Team is affiliated with mortgage lender Loan People; together, they help people refinance and buy homes all over Texas, Oklahoma, Florida and Colorado. They have a small team of professionals and pride themselves on helping their clients close on time, get great rates and stay involved throughout the process.
Their reviews indicate a personal, Austin-centric touch. According to one reviewer, “They show how crucial it is to use a local lender who knows the market and can come up with great financing options even when things don’t go according to plan, for example a lower-than-offer price appraisal.”
2. Austin Capital Mortgage
Phone: (512) 891-0778
Website: https://www.austincapitalmortgage.com
Another combination broker-lender, Austin Capital Mortgage has been operating since 1996 and has the reputation to back it up. They’ve managed to maintain five-star averages on Yelp, Google, Zillow and Facebook over more than 300 cumulative reviews!
Austin Capital Mortgage is a full-service residential mortgage banking firm with experience in conventional, jumbo and government loans. This helps them to be “knowledgeable on complex clients,” as one reviewer wrote. They lend throughout Texas, Colorado and Florida.
3. Joe Krupp, Highlander Mortgage
Phone: (512) 501-3624
Website: https://www.highlandermortgage.com
Highlander Mortgage is the Austin-based shingle that mortgage broker-lender Joe Krupp has operated under since 2005. He prides himself on his customer service, which seems to be backed up by a review average that rounds up to five stars over 400 cumulative reviews.
Another thing borne out in the reviews is his communication and attention to detail. One reviewer wrote, “He had the best interest rates and closing costs compared to other lenders we reached out to.” Another wrote, “I couldn’t be happier with my decision to use Joe. He streamlined the process and I feel like he never asked me for the same thing twice.”
4. James Copeland, Austin Mortgage Associates
Phone: (512) 789-7169
Website: https://www.austinmortgageassoc.com
Austin Mortgage Associates is based in Round Rock, TX, and has been providing loans and refi’s since 2000. They have a variety of specialties which have led to them funding more than half-a-billion dollars in mortgage loans. They skip the lender and origination fees to help clients cater to their individual situations. Among their more niche specialties, they are Certified Divorce Lending Professionals, experienced in helping build strategy with divorcing clients.
Lead broker James Copeland is the focus of many of the glowing reviews. One reviewer wrote, “James stood out because of his personal energy, his seeming commitment to our story, his willingness to listen, his keeping the process going, and the fact he was local, not in an office hundreds or thousands of miles away.”
5. Joel Richardson, PrimeLending
Phone: 512-637-0932
Website: https://myfinanceteam.com
Joel Richardson is a PrimeLending Mortgage Branch Manager and Senior Loan Officer who has just hit his prime: he was a Five Star Mortgage Professional award winner in 2015, 2016, 2018, 2019 and 2021, and in the top 1% of mortgage originators in the country from 2015–2018. Most importantly, he has local cred as a former lead vote-getter of Austin Monthly’s Top Mortgage Professional title.
His team’s reviews routinely show faster closing times than expected and consistent, personal service. This is in addition to Richardson’s expert status; he’s well-respected enough to feature in a Wall Street Journal article on jumbo mortgages.
For a taste of his approach, check out this video:
Conclusion
For many people seeking the services of mortgage companies in Austin, the process has become more financially difficult. Luckily, there are several mortgage companies that have emerged as dependable and astute at helping homebuyers and homeowners navigate the process.
In spite of the housing market cooldown, it’s still a seller’s market. Getting a good mortgage company on your side can help you tilt the equation back in your favor.