In this guide

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  • Details
    • Features
  • Your reviews
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SWBC mortgage review

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SWBC
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

Our verdict

SWBC Mortgage provides customized home loans in 40 states, but branch locations are uneven.

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.

Pros

  • Customized underwriting process
  • Availability
  • In-house process
  • Free credit report and analysis
  • Streamlined prequalification and application

Cons

  • Rates and fees not disclosed
  • Mixed customer reviews
  • Credit score requirements not disclosed

In this guide

  • Our verdict
  • Details
    • Features
  • Your reviews
  • Choose this lender for more flexible underwriting criteria.
  • Choose another lender if you want a home equity loan or HELOC.
  • A good option for self-employed borrowers.

Details

Features

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

SWBC requirements

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:

  • Residency in select states.
  • Two years’ history of employment.
  • A FICO credit score of 620 or higher.
  • No history of bankruptcy in the past two years.

Documentation

When applying for a mortgage with SWBC, the company recommends having the following documents on hand:

  • Photo ID
  • Paystubs for the last two months
  • Asset account documentation
  • Current employment documentation (pay stubs are accepted)
  • Tax returns for the previous year
  • Current bank statements for all accounts
  • Current investment statement for all accounts

Costs and fees

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:

  • Appraisal
  • Home inspection
  • Land survey fee
  • Attorney’s fees, if applicable
  • Private mortgage insurance (PMI)
  • Homeowner’s insurance
  • Title search and insurance
  • Recording fees
  • Transfer taxes
  • Courier fees

How to apply for a mortgage with SWBC

To apply for a home loan with the company:

  1. Go to the SWBC mortgage website. Select the Loans menu option, then Home Loans, then Apply Now.
  2. Enter your email address and create a password, then enter your personal information, current address, borrower information if any, property information, assets, income and real estate if any.
  3. Answer the disclosure, citizenship, demographic and additional questions.
  4. Submit the application, upload any requested documents and wait to be contacted by your assigned loan officer about the next steps.

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.

What types of mortgages can I get through SWBC?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products SWBC offers

SWBC also offers these specialized types of mortgages:

  • Renovation home loans. Allows you to combine the home’s purchase price and renovation costs into one loan with one set of closing costs.
  • Texas Vet home loans. Home loans with competitive rates and designed for veterans living and buying a residence in Texas.
  • Fannie Mae and Freddie Mac loan programs. SWBC offers multiple mortgage options through these public government-sponsored companies.
  • Mortgage refinancing. Can be used to refinance your current mortgage with a new mortgage having a lower interest rate and better terms and to remove PMI.

How SWBC’s mortgage products compare to other lenders

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).

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SWBC reviews and complaints

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 pros and cons

SWBC might be a good choice for your mortgage and refinancing needs, but consider all it offers alongside its drawbacks.

Pros

  • Customized underwriting process. SWBC makes it easier for those with low credit or alternative work history to secure funding thanks to its customized underwriting process. This allows for more flexibility in the criteria considered when reviewing applicants for a home loan.
  • In-house process. Processing, underwriting and closing all happen in-house. This means your loan will remain with the same company, making it easier to keep track of where you are in the homebuying process.
  • Streamlined prequalification and application. SWBC’s proprietary prequalification system, TurnKey (powered by Blend software), makes for a faster and more simplified loan application. Use TurnKey to check your loan’s status at any point in the application process.
  • Most loans are serviced in-house. We were told a majority of SWBC’s loans are serviced in-house, reducing the chance that your loan will be sold and you have to switch servicers after closing.

Cons

  • Rates and fees not disclosed. SWBC doesn’t disclose current rates or fees included in the homebuying process, which makes it hard to determine if this company’s loans are competitive with the current market.
  • Mixed customer reviews. SWBC has received mixed reviews overall, particularly around hidden fees and surcharges, hinting that SWBC’s lack of disclosure on fees and rates might lead buyers to pay more than expected.
  • No nationwide coverage. SWBC is only licensed to provide mortgages in 40 states, and branches aren’t available in all states. Depending on where you live, you might need to work with an out-of-state loan officer.

What is SWBC?

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.

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