List of banks/mortgage brokers in El Paso TX
What is a Mortgage Loan?
Most people when purchasing a home need to obtain a mortgage loan unless they are buying it “cash” and not borrowing money from anyone.
A Cash purchase refers to a buyer having the money “cash” in their checking or savings account.
A Financed purchase is when the buyer is getting a mortgage loan from a bank, and the buyer will be responsible to make monthly payments, usually for 15 or 30 years. The mortgage loan is secured by the property, so if the borrower fails to repay the loan, the property may be repossessed through foreclosure and the borrower will lose the property along with any equity.
If you do not have the option of paying “cash”, then getting Pre-approved for a mortgage loan is the best thing to do before visiting homes for sale!
Questions to ask to the loan officers:
- How does the financing process work in your company? Do they need all necessary documents upfront or until you have a contract, how many days do they need to process the loan once you have a contract on a home, who will be the persons involved with your file?
- What type of financing do you offer and to which ones do I qualify for? There are different type of loans and programs and you need to know your different options.
Type of loans: FHA, VA, Conventional, USDA, Texas Vet, Hard Money or Private Lenders, and many others.
How much is the down payment? Different programs have different down payment guidelines.
How much are the closing costs and prepaids? Ask for a detailed fee sheet.
List of banks/mortgage brokers that can help you.
Most of these lenders offer First Time Home Buyer and Down Payment Assistance Programs.
·Change Home Mortgage
Mortgage Loans Offered: Conventional, FHA, VA, USDA, Bank Statement Loans, Investor Loans, Jumbo, Reverse Mortgage, Second Home and Vacation Home Loans.
Sandra Canaba Mortgage Advisor NMLS# 513879
1346 N Zaragoza Rd. El Paso, TX 79936
scanaba@changemtg.com | 915-204-3194
·Movement Mortgage
Mortgage Loans Offered: Conventional, FHA, VA, USDA, Jumbo, Refinance, Reverse Mortgage, Second Home and Vacation Home Loans.
Miguel Davila Market Leader NMLS# 217014
Licensed and authorized to do business in Texas and New Mexico
7878 Gateway Blvd E, Ste 203, El Paso, TX 79915
miguel.davila@movement.com | (915) 892-7766
·Longhorn Investments
Mortgage Loans Offered: Private Lending, Hard Money Lending. Exclusive for Investors wanting to flip homes or acquire rental properties.
Cheryll Ramirez Loan Consultant
cramirez@longhorninvestments.com | 915-276-1296
·CMG Financial
Mortgage Loans Offered: Conventional, FHA, VA, USDA, and Jumbo.
Fernando Ortiz Loan Officer NMLS#680608
11331 James Watt Dr. Suite F200, El Paso, TX 79936
fortizjr@cmgfi.com | (915) 241-7945
·BBVA
Mortgage Loans Offered: Conventional, FHA, VA, Jumbo and Foreign National Loans, Investment, Second Home and Vacation Home Loans.
·Home Plate Mortgage
Mortgage Loans Offered: Conventional, FHA, VA, and USDA.
·Cadence Lending Group
Mortgage Loans Offered: Conventional, FHA, VA, USDA, Jumbo, and Renovation Loans.
·Angel Oak Home Loans
Mortgage Loans Offered: Conventional, FHA, VA, USDA, Jumbo, Investor Loan and Bank Statement Loan.
·TFCU
Mortgage Loans Offered: Conventional, FHA, VA, and USDA.
·GECU
Mortgage Loans Offered: Conventional, FHA, VA, and USDA.
·Rocky Mountain Mortgage Company
Mortgage Loans Offered: Conventional, FHA, VA, USDA, and Construction Loans.
·First Light Federal Credit Union
Mortgage Loans Offered: Conventional, FHA, VA, USDA, and Jumbo.
·Mann Mortgage
Mortgage Loans Offered: Conventional, FHA, VA, USDA, Construction Loan, Jumbo and Reverse Mortgage.
·Caliber Home Loans
Mortgage Loans Offered: Conventional, FHA, VA, and USDA.
·Town Square Mortgage
Mortgage Loans Offered: Conventional, FHA, VA, and USDA.
·New American Funding
Mortgage Loans Offered: Conventional, FHA, and VA.
·First Community Mortgage
Mortgage Loans Offered: Conventional, FHA, VA, Texas Veterans, and USDA.
·Finance Home America
Mortgage Loans Offered: Conventional, FHA, VA, Jumbo, and USDA
·Security National Mortgage Company
Mortgage Loans Offered: Conventional, FHA, VA, USDA, Reverse, and Investment Loans.
·City Bank Mortgage
Mortgage Loans Offered: Construction, Lot, Home Improvement, and Home Equity.
·Fairway the Wood Group
Mortgage Loans Offered: Conventional, FHA, VA, Texas Veterans, Reverse, and USDA.
There are a lot of other lenders available that can help you, and we work with all of them!