SWBC Mortgage

SWBC Mortgage

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About SWBC Mortgage

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SWBC Mortgage (NMLS #9741) is a privately owned mortgage lender headquartered in San Antonio, Texas. It is an arm of the financial services company Southwest Business Corporation. SWBC Mortgage is a full-service lender that’s been in business since 1988. It is licensed in 41 states and has branch locations across the U.S.

    Pros & Cons


    • Online application
    • In-house underwriting
    • Fast closings


    • Does not post rates
    • No soft-check pre-qualification
    • No home equity products

    Bottom Line

    SWBC Mortgage is a mortgage lender that offers conventional, FHA, VA and USDA loans, as well as renovation loans. Borrowers can apply online through its application portal. With its in-house underwriting, the company says most loans close within three weeks.


    SWBC Mortgage does not post its starting rates or issue rate quotes. To obtain rates you have to submit an application for preapproval, which includes a hard credit check. The company doesn’t offer pre-qualification with a soft credit check.

    While SWBC Mortgage doesn’t publish information about its rates on its site, data from the Home Mortgage Disclosure Act shows the company’s home purchase rates hovered around the national average from 2019 to 2021.

    Mortgage interest rates fluctuate daily and are influenced by a number of economic and personal factors. Personal factors include the type of mortgage you’re looking for, the loan term, the area you live in, the price of the home you’re buying, your credit history and your debt-to-income (DTI) ratio. The last two weigh most heavily.

    SWBC offers both fixed- and adjustable-rate mortgages. Fixed-rate loans maintain the same interest rate throughout the duration of the loan. Adjustable-rate mortgages (ARMs) have an initially low fixed rate that's subject to change. For example, a 3/1 ARM will have a fixed rate for the first three years, and then it will reset every year.

    With a fixed-rate mortgage, your monthly payments will never change, a benefit many people prefer. But an ARM can be beneficial in certain circumstances. If you plan to sell or refinance before the low introductory rate resets, you can save money.

    SWBC Mortgage average home purchase rate vs. national average

    YearDifference from national average
    2021 +0.08%
    2020 -0.09%
    2019 +0.05%
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    At SWBC, the entire mortgage application process can be done online through its portal. You’ll fill out your personal, financial and property information, upload documents and track progress all in one place. You can even sync your financial accounts for easier authentication if you wish, though it’s not required. When you submit the application, you are authorizing a credit check for preapproval.

    At this time, you’ll be assigned a customer representative who can help with any questions. Later in the process, you’ll be assigned a loan officer who is licensed in your state.

    With in-house processing, underwriting and closing, the company states that it can close loans in as little as three weeks. The time to close will depend on the complexity of your financial situation, the number of documents required by the underwriters and how quickly you are able to provide documentation.

    You may be asked to provide the following:

    • Social Security number
    • A month of pay stubs
    • Two years of tax returns
    • Bank statements
    • Retirement/brokerage account statements
    • Loan and credit card balances

    SWBC Mortgage application features

    Online application
    Mobile document upload
    Physical branches
    Publishes minimum rate on website X
    Rate lock
    Pre-qualification (no hard credit pull) X
    Certified approval letter

    Loan types

    SWBC offers a wide variety of loan types, including conventional loans (fixed- and adjustable-rate), FHA loans, VA loans and USDA loans. There are also jumbo mortgages for homes over the conforming limit.

    There is a specialty loan for borrowers who want to buy and renovate a home. This renovation mortgage is available as either a conventional or FHA product.

    In 2021, borrowers initiated 14,723 home purchase applications with SWBC Mortgage. Of those applications, 11,690 became closed loans. SWBC Mortgage only denied about 3% of the applications.

    Loan applications for home purchases only by year

    Home purchase applications 14,723 13,765 12,573
    Home purchase loans closed 11,690 10,776 9,960
    Home purchase applications denied 400 385 417
    Home purchase preapprovals denied 0 0 0
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    In 2021, more than half the loans originated by SWBC Mortgage were home purchase loans; refinancing loans accounted for over 42% of its loans.

    In 2022, with rates rising, refinancing is expected to be less common than in 2020 and 2021. But there are still good reasons for some borrowers to consider it, including:

    • To reduce your interest rate
    • To lower monthly payments
    • To change the loan type
    • To cash out on home equity

    Of course, refinancing comes with closing costs and other considerations. Consult with your loan officer to weigh the pros and cons.

    Home purchase vs. refinance loans by year

    Home purchase loans 55.54% 44.90% 71.00%
    Refinance loans 28.93% 42.69% 19.15%
    Cash-out refinance 13.47% 11.45% 0.29%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.


    SWBC doesn’t publish loan requirements on its site, but typical requirements for a conventional loan include a credit score of at least 620 and a 3% down payment.

    Government-sponsored loans, like FHA, VA and USDA loans, have lower credit score requirements. Typically you need a credit score of at least 500 to qualify for an FHA loan.

    Minimum credit scores are set by the lender. You may need a score of 580 for a VA loan and 640 for a USDA loan.

    For an FHA loan you’ll need at least a 10% down payment if your credit score is below 580. VA and USDA loans require no down payment.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    Conventional Typically 620 3% Mortgage lenders
    FHA 500 3.5% with 580 credit score FHA lenders
    VA Set by lender (often 580) 0% VA lenders
    USDA Set by lender (often 640) 0% USDA lenders

    For more information on other loan types, see our guide on jumbo loans.

    Costs and fees

    SWBC Mortgage doesn’t post its origination fee or other lender fees online. The loan origination fee is generally 0.5% to 1% of the loan amount. Other closing costs may include an appraisal fee, title search fee, real estate taxes, attorney fees and mortgage insurance premiums. In total, closing costs for a home purchase may account for 2% to 5% of the loan amount.

    After SWBC Mortgage receives your application, it will give you a Loan Estimate with your potential closing costs. Further along, you’ll get a Closing Disclosure form that details all the costs of your loan, including what you need to pay at closing.


    What is SWBC Mortgage?

    SWBC Mortgage is a mortgage lender licensed in 41 states across the U.S. It offers conventional mortgages, jumbo loans, renovation loans and government products like FHA, USDA and VA loans. With in-house underwriting, it says loans tend to close within three weeks.

    Is SWBC Mortgage legit?

    SWBC Mortgage is a legitimate lender that’s been in business since 1988. It's the home lending branch of Southwest Business Corporation (SWBC), a diversified financial services company.

    Where is SWBC Mortgage available?

    SWBC Mortgage is licensed in 41 states (not available in Hawaii, Massachusetts, Missouri, New York, North Dakota, Rhode Island, South Dakota, Vermont and Wyoming). It has local branches in select areas.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 5, 2023

    Somehow my homeowner's insurance expired, and they implemented their own insurance and didn't notify me or start charging me for over 4 months and racked up a significant fee. Had they called, emailed, or started charging me from the beginning, I would've known and could've reinstated my own insurance. Instead, they chose to use their own highly inflated insurance to profit from me.

    I spoke to them, and they advised a letter was sent in the mail via USPS. This is convenient for them since there is no way to verify their correspondence. I can't believe in this day and age of technology they sent a physical letter instead of calling or emailing me. At least with an email it would be verifiable that they tried to contact me. Do yourself a favor and use another lender who's not trying to take advantage of you.

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      ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page.
      1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 26, 2022.

      SWBC Mortgage Company Information

      Company Name:
      SWBC Mortgage