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Conventional: 620
FHA: 600
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: CT, HI, MA, NH, NY, ND, RI, SD, VT, WY
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 600 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: CT, HI, MA, NH, NY, ND, RI, SD, VT, WY |
NMLS # | 9741 |
Review by
Kat Aoki is a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time.
SWBC Mortgage has been providing home loans for over 30 years and could be worth considering due to its TurnKey online application platform and in-house underwriting process, which can speed up closing. The company claims it can close most loans in around three weeks.
SWBC can also pull your credit report and offer a free analysis for you to better understand your options. But the company doesn’t offer home equity products, and branches aren’t available in every state where it’s licensed to provide mortgages.
If SWBC doesn’t have what you need, compare more lenders to find the right one for you.
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To find out if you’re eligible for a SWBC home loan, visit the company’s website. Basic eligibility for a mortgage with the company includes:
When applying for a mortgage with SWBC, the company recommends having the following documents on hand:
SWBC doesn’t list fees on its website, but a loan officer told us the company normally charges a flat-rate underwriting and processing fee of $975. In addition, you’re required to pay closing costs, which can run anywhere from 1% to 6% of the total loan amount, depending on the state.
Closing costs typically include:
To apply for a home loan with the company:
If you’re not ready to submit a full application and want to speak to a loan officer first, find a loan officer by selecting Find a Pro. If any licensed officers are available in your state, you’ll get a list of names with contact information. Note that you may be directed to an out-of-state loan officer licensed in your state if none are available in your area.
SWBC also offers these specialized types of mortgages:
SWBC offers a solid range of home loan options, including 3% down conventional loans, government-backed options and loans through Freddie Mac and Fannie Mae. The company will consider alternative lending criteria for nontraditional borrowers and self-employed persons. However, unlike other lenders, it doesn’t offer home equity products, like home equity loans and home equity lines of credit (HELOCs).
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
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As of July 2022, customers on WalletHub give the company a 2.7 out of 5 rating after 27 reviews. SWBC Mortgage isn’t accredited by the Better Business Bureau (BBB). On the BBB, it has a 1 out of 5 star rating from 16 reviewers and 27 consumer complaints closed in the past three years.
Customer reviews paint a mixed picture. While some borrowers have praised the company’s loan officers for their knowledge and professionalism throughout the application process, others have complained of unexpected fees and surcharges and not being able to reach the company over the phone when necessary.
SWBC might be a good choice for your mortgage and refinancing needs, but consider all it offers alongside its drawbacks.
SWBC Mortgage was formed in 1988 as a division of Southwest Business Corporation. The mortgage provider is headquartered in San Antonio, Texas and offers mortgages in 40 states. According to the company’s website, it “has consistently ranked as a top mortgage lender in America by the Scotsman Guide,” a business dedicated to providing industry insights to mortgage originators for the past 25 years.