El Paso, TX Mortgage Lender

home loans el paso tx

As a homebuyer, you should feel confident in your decision to buy or refinance a home.

The economy is generally strong and the housing market is stable, which makes it a good time to invest in a home. Mortgage interest rates are still relatively low and there are many different mortgage programs available.

It’s important to do your research and work with a reputable lender to ensure a smooth and successful home buying or refinancing experience.

Check Rates and Eligibility for Free

Getting pre-qualified for a home loan is a great way to start the path to owning a home.

It’s free, easy, and fast – in no time, you can determine if you’re ready to go after that dream house.

The best part about getting pre-qualified for a loan is that it lets sellers know you’re serious about buying their home.

Don’t wait any longer – take a leap of faith and get pre-qualified for your home loan today.

About the City of El Paso, TX

El Paso, TX is located in southern Texas on the Rio Grande River. It is the county seat of El Paso County and home to over one million people. El Paso is also the seventh largest city in the United States and the largest city on the U.S.-Mexico border.

The city is bordered to the north by Juarez, Mexico. To the south, El Paso is bordered by Las Cruces, NM. To the west, El Paso is bordered by the Rio Grande and the Chihuahuan Desert. To the east, El Paso is bordered by Ciudad Juarez, Mexico.

Buying a Home in El Paso, TX

El Paso, Texas, is a vibrant city packed with opportunity and adventure.

With more than 300 days of sunshine each year, sunny days outnumber the gloomy ones in El Paso!

From its stunning mountain views to its vibrant culture, there’s something here for everyone.

Here are some common questions that you’re probably thinking about when considering a home in El Paso:

  • How much is a downpayment on a house in El Paso TX?
  • What credit score is needed for a home loan in Texas?
  • How long does it take to get approved for a home loan in Texas?
  • What is the easiest way to get approved for a home loan?
  • What is the best way to get the lowest mortgage rate in El Paso, TX?

Nothing compares to the emotional and financial relief of knowing you have a roof over your head, even amid uncertainty. When you set-down roots in a house, it is an investment not only in property but also in yourself; it is a financial foundation from which you can launch other goals.

And when it comes to buying a home, there’s no better place: El Paso has the fourth-lowest housing costs in America – and is the second U.S. city with the highest rate of growth.

Whether you’re searching for a cozy one-bedroom starter home or a sprawling mansion with room for the whole family, El Paso has the perfect property for you.

Don’t let this incredible chance pass you by – come discover why so many are choosing to make El Paso their home today!

What Are Mortgage Lenders in El Paso, TX Looking For?

  • Recent credit applications
  • Debt-To-Income Ratio (DTI)
  • Credit utilization
  • Assets
  • Steady work history

What Documents Do I Need To Get A Mortgage in El Paso, TX?

  • Pay stubs from the past month
  • W-2 forms from the past 2 years
  • At least two most recent bank statements
  • Personal tax returns from the past 2 years
  • Most recent end-of-year pay stub that take bonuses and overtime into consideration

How to Get a Mortgage in El Paso, TX?

We’ll help you find a home loan once you’ve gathered all of your paperwork.

Here’s what you can expect in the process:

  • Determine your budget: Estimate how much you can afford for a home and whether you need to obtain a loan.
  • Get Pre-Approved: Get pre-approved by a lender so you know exactly how much you can borrow when shopping for a home.
  • Find a real estate agent: Seek out the help of an experienced real estate agent that can guide you through the home buying process.
  • Start shopping for homes: Use online listings, open houses, and other resources to find homes that fit your criteria.

Types of Loans Available in El Paso, TX

Buying a new home is probably one of the most important purchases you’ll make. Before you begin the hunt for the perfect home to buy, you’ll need to consider your mortgage options.

It’s important to understand that not all home loans are created equal, so we’re here to help you with your research prior to applying.

FHA Loans

These loans are for homebuyers usually with lower credit scores and/or low down payments. FHA loans have lower credit score requirements and typically go down to 500, depending on the lender. They generally require a 3.5% down payment.

Learn more about FHA loans in El Paso, TX.

VA Loans

A VA loan is a mortgage loan issued by private lenders and partially backed by the U.S. Department of Veterans Affairs (VA). The loan is specifically designed to help service members, veterans, and eligible surviving spouses obtain home financing with favorable terms.

In addition to single-family homes, condominiums, multi-unit properties, manufactured houses or new construction, VA home loans offer competitive interest rates and terms.

Learn more about VA loans in El Paso, TX.

USDA Loans

A USDA loan is a great option for those looking to buy or build a home in an eligible rural area. It provides 100% financing on properties with no money down, meaning you can get into your dream home without having to worry about fronting the cost of a hefty down payment.

Plus, because it’s backed by the US Department of Agriculture, these loans often have lower interest rates and better repayment terms than private lenders. And if that doesn’t convince you, there are other benefits too!

With a USDA loan, you can avoid mortgage insurance, get more flexible credit-qualifying criteria, and potentially even qualify for other government programs like closing cost assistance.

Learn more about USDA loans in El Paso, TX.

Jumbo Loans

Jumbo loans are for homebuyers who need to borrow more than the conforming loan limit.

Conforming loan limits are $510,400 in most of the US. High-cost areas have higher conforming loan limits. A jumbo loan is needed if a homebuyer needs more than the conforming loan limit.

Jumbo loans will usually have higher interest rates and stricter underwriting requirements than conventional loans, however, they can be a good option for people who need to buy a luxury home.

Learn more about Jumbo loans in El Paso, TX.

30 Yr Fixed Mortgage

A 30-year fixed mortgage is one of the most popular types of home loan available today. It offers security, stability, and predictability—all things that make it perfect for long-term homeownership.

With a 30-year fixed loan, you won’t have to worry about interest rate fluctuations during the life of the loan; your payments will remain the same every month until you’ve paid off the full amount.

Overall, a 30-year fixed-rate mortgage is great since it can be a good choice for a wide range of financial situations.

Learn more about 30-Year Fixed Rate mortgages in El Paso, TX.

15 Yr Fixed Mortgage

Are you looking for the peace of mind and security that comes with locking in a low interest rate? With a 15-year fixed rate mortgage, you can do just that! This loan option allows you to lock in a competitive interest rate and keep it that way for the entirety of the loan term – 15 years.

Not only will you benefit from a lower interest rate, but since the loan is of a shorter duration, more of your payment goes to principal meaning you pay less over time. If you want to pay less in interest, this loan may be right for you.

Learn more about 15-Year Fixed Rate mortgages in El Paso, TX.

Adjustable Rate Mortgage

Are you on the hunt for the best rate possible? Then adjustable-rate mortgages – also called ARMs – may be just what you need. With changing market conditions, ARM interest rates fluctuate over time, and in most cases, come with a lower rate than fixed-rate mortgages at the start. So if you’re looking to save from the get-go, ARMs could be your ideal solution.

Learn more about Adjustable Rate mortgages in El Paso, TX.

Frequently Asked Questions

How do I contact your mortgage company in El Paso, TX?

If you’d like to call us, you can call 888-670-7550.

You can also check rates and eligibility in under 30 seconds on our website as well.

Where is your El Paso, TX mortgage office located?

We service the area near the Hotel Indigo El Paso Downtown, however we service the entire area which means we can virtually meet you anywhere.

Team LoanStar360

Can you get a mortgage without a credit score?

Getting a mortgage without a credit score is possible, but will require bypassing the automated mortgage application processes utilized by most lenders in favor of a more time-consuming manual underwriting procedure.

How long do you need a salary to get a mortgage?

Lenders are all different, but you’ll typically have to work in the same position for at least three months to qualify for a mortgage. It is because mortgage lenders do not like risk. They view change as instability even when it is absolutely the right decision for you.

How much home can you afford?

A good tip for calculating your ‘how much house can I afford’ is to use the 28/36 rule, which states that you shouldn’t spend more than 28% of your gross income on home expenses and no more than 36% on total debt, including your mortgage, credit cards and other loans.

Areas we serve around El Paso, TX

Our Local El Paso, TX Mortgage Company Serves Clients In The Following Cities

Our Local El Paso, TX Mortgage Company Serves Clients In The Following Counties