If you live in the Lone Star State, you may have heard of “Thrive Mortgage,” a rapidly growing independent mortgage lender based out of Georgetown.
Before transforming into a billion-dollar originator, it was a simple mom and pop shop operated by Roswell, New Mexico natives Roy and Barbara Jones.
Thrive’s claim to fame is that they were the first lender in the state of Texas to complete a 100% digital mortgage using a remote notary.
To that end, the company is constantly looking to improve and enhance its consumer experience via the latest technological advancements.
For you the consumer, that means a less painful mortgage process, and ideally a faster one as well. Let’s discover more about them.
Thrive Mortgage Fast Facts
- Independent mortgage banker that offers home purchase and refinance loans
- Originally known as Georgetown Mortgage (dba Home Source Mortgage)
- Founded in 2001, located in Georgetown, Texas (near Austin)
- Currently licensed in 38 states and the District of Columbia
- Claim to have closed the first 100% digital mortgage in Texas
- Funded $2.2 billion in home loans last year
- More than 70% of their business comes from home state
Thrive Mortgage is an independent, direct mortgage banker located in Georgetown, TX, which is just north of tech-oriented Austin.
They’ve been around 2001 and have grown from a small brokerage into a multi-billion-dollar lender.
The company was originally known as Georgetown Mortgage (dba Home Source Mortgage), and in 2018 was rebranded as Thrive Mortgage.
In mid-2021, they sold 49% of the company to Veritex Holdings, Inc., the parent company of Veritex Community Bank.
Last year, they mustered an impressive $2.2 billion in loan origination volume across the
38 states (and the District of Columbia) that they’re licensed in.
They aren’t yet available in Alaska, Hawaii, Iowa, Maine, Nevada, New Hampshire, New Jersey, New York, Rhode Island, Vermont, or the Dakotas.
But chances are they’ll be expanding soon thanks to that big investment from Veritex.
Thrive appears to have good relationships with local real estate agents as their origination mix was about 60% home purchase loans and 40% refinance loans.
And more than 70% of total business came from their home state of Texas, with the remainder scattered across the many other states where they’re licensed.
In December 2023, Thrive Mortgage merged with Lower Mortgage. The deal is expected to close in the first quarter of 2024.
How to Apply with Thrive Mortgage
To begin, you can call, email, visit their website, or go to a local branch if one is located near you.
Their website has both a branch directory and a loan officer directory to get you on your way.
Your first move might be getting in touch with a loan officer to discuss mortgage rates, fees, and general eligibility.
If you like what you hear, you can move onto the digital mortgage application, which is powered by SimpleNexus.
They also offer a free smartphone app if you wish to complete your loan application on the fly.
It’s possible to apply for a mortgage without speaking to anyone first, though it’s always prudent to get in touch with a human before you get started.
Either way, you’ll have the ability to link financial accounts, securely scan/upload documents, eSign disclosures, and message your loan officer instantly at any time.
As noted, they claim to have originated the first 100% digital mortgage in Texas, so there’s a good chance much of the loan process will be paperless.
Once your loan is submitted, you’ll be able to log on to the borrower portal 24/7 to check loan progress and complete any remaining tasks.
All in all, they appear to make it easy to apply for a mortgage and manage your loan from application to closing.
Loan Programs Available at Thrive Mortgage
- Home purchase loans
- Refinance loans: rate and term, cash out, streamline
- Construction loans: conventional, FHA, VA, and jumbo
- Renovation loans
- Conforming loans backed by Fannie Mae and Freddie Mac
- FHA loans
- VA loans
- USDA loans
- Jumbo loans
- Reverse mortgages
- Fixed-rate mortgages: 10, 15, 20, 25, and 30-year terms available
- Adjustable-rate mortgages: 5, 7, and 10/1 ARMs
They offer home purchase loans, refinance loans, renovation loans, and a full suite of construction loans if you want to build your dream home.
If you’re an existing homeowner, you can refinance your mortgage to tap equity or obtain a lower interest rate.
They lend on all major property types, whether it’s a single-family home, a multi-unit investment property, or a townhouse/condo.
Both fixed-rate and adjustable-rate loan options are available in a large variety of loan terms to suit all borrowers.
Thrive Mortgage Rates
One area where more information is needed is the pricing department. They don’t seem to list their mortgage rates online, or their lender fees for that matter.
In order to get pricing, you’ll need to get in contact with a licensed loan officer first.
It’s unknown how competitive they are relative to other lenders, so take the time to get quotes from other banks, lenders, credit unions, and mortgage brokers to compare.
Be sure to ask about any fees as well, such as a loan origination fee, or application fee.
While quality service is important, so is a low-priced home loan! Of course, their reviews are excellent, so chances are they offer low rates and great customer service.
Thrive Mortgage Reviews
Over at Experience.com, Thrive Mortgage has a near-perfect 4.93 rating out of a possible 5 from almost 20,000 reviews.
Be sure to filter by loan originator to see who has the highest rating if you’re looking to work with someone truly exceptional.
On Zillow, the company has a stellar 4.97-star rating out of 5 from over 500 customer reviews. A good chunk of them indicate that the interest rate received was lower than expected.
At Google, it’s another excellent rating of 4.9 stars from over 400 reviews, a sign of their consistency in customer service.
To sum things up, if you’re a home buyer in Texas, they might be a good financing option thanks to their wide assortment of loan programs, real estate agent affiliations, and use of technology.
This is especially true if you want to build a home from scratch or renovate a fixer-upper.
At the same time, existing homeowners may also find them to be a good fit for a mortgage refinance if rates are low and service is exceptional.
Thrive Mortgage Pros and Cons
- Offer a digital home loan process
- Can apply online or by phone in minutes without a human
- Physical branch locations in many cities
- Lots of loan programs to choose from including jumbos and construction loans
- Excellent customer reviews from all major ratings websites
- Free smartphone app
- Free mortgage calculator on their website
The Perhaps Not
- Aren’t licensed in all 50 states yet
- Do not list mortgage rates or lender fees online
- May transfer your loan to a new servicer after closing
(photo: Alan Kotok)