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This lender offers a customized home loan underwriting process that may benefit applicants having a hard time getting approved or finding low mortgages rates. But while SWBC touts its flexible and streamlined home loan process, it doesn’t provide baseline requirements or rate expectations online. You’ll need to fill out an application to find out your specific rate and product approvals.
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment | 3% |
State availability | Not available in: HI, MS, MO, NY, ND, RI, SD, VT, VA, WY, DC |
NMLS # | 9741 |
SWBC loan requirements vary depending on the type of mortgage you’re applying for. Some key requirements by loan type include:
SWBC Mortgage recommends gathering some documents in advance, including:
SWBC doesn’t make its lender and mortgage fees obvious on the website, but does mention that homebuyers should expect to pay typical fees such as:
To complete the application process:
The TurnKey process will alert you whenever you’re required to complete the next step of the application process, from uploading documents and statements to answering any questions the loan officer might have.
In addition to standard mortgage products, SWBC also offers:
SWBC customizes the mortgage process and helps applicants with special circumstances or credit issues to apply and learn about the options available to them. However, it would be helpful to borrowers to see more baseline information regarding credit scores, LTV and DTI ratios to help borrowers understand how their mortgage products compare to competitors. SWBC also doesn’t reveal typical rates, which makes it difficult to compare to other lenders.
As of November 2020, SWBC Mortgage isn’t accredited by the Better Business Bureau (BBB) and has a 5-star rating on its website. Individual SWBC branches across the country can also be found on the BBB website.
SWBC has a 4.5 out of 5-star review on WalletHub, where a key concern noted a long underwriting process. Yelp and Facebook reviews are mixed, with some customers noting SWBC’s knowledge and professionalism throughout the home loan process, and others mentioning unexpected fees and surcharges along the way.
Here are the advantages and drawbacks to securing a loan through SWBC as of November 2020.
SWBC Mortgage was formed in 1987 as a division of Southwest Business Corporation. This mortgage provider is headquartered in San Antonio, Texas and offers mortgages in more than 40 states.
SWBC Mortgage is a well-known home loan provider across the country that offers a customized loan buying experience that’s fast and convenient.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.
Read the full methodology of how we rate home loan providers.
Review by
Kelly Larson is a writer and editor at finder, where he currently spearheads the effort to make office sloths a thing. Prior to that all-important role, he led editorial newsrooms in the creation of award-winning content as a managing editor in the digital space.
SWBC Mortgage has been providing home loans for over 30 years and could be worth considering thanks to its customized underwriting process. Since this lender will pull your credit report and offer a free analysis, you can compare options quickly to make the best choice for your financial future. But it doesn’t disclose rates, credit score requirements or application fees, which could be a red flag for some buyers.