Introduction
When purchasing a home, one of the most important decisions you'll make is finding the best mortgage lender to suit your needs. While there are many lenders across the country, if you're looking for a lender in a particular area – like Missouri – it pays to research and find out which ones best meet your criteria.
What follows is an overview of what to look for in the best mortgage lenders in Missouri, along with profiles of five top lending institutions. We've put together this guide to the best mortgage lenders in Missouri. We'll cover the best companies, the best rates and terms they offer, and other important factors to consider when shopping forbest mortgage lenders in Missouri.
What To Look For In The Best Mortgage Lenders?
When selecting a mortgage lender, several key factors should be considered before making any decision. First, compare interest rates and fees. Many lenders will offer a range of rates and terms, so it's best to compare these across multiple lenders to find the best deal. It would help if you also considered the types of loan products offered by each lender – such as fixed-rate mortgages or adjustable-rate mortgages – as well as customer service ratings and reviews. Finally, ensure you understand all the details and potential costs associated with closing on your mortgage.
Pros and Cons of Missouri Mortgage Lenders
Pros
One of the best advantages of working with a Missouri mortgage lender is that they are well-versed in local regulations, taxes, and property laws. This can provide invaluable insight and assurance regarding closing on your loan. In addition, many lenders offer programs that make it easier for first-time homebuyers or people with lower incomes to qualify for a loan.
Cons
The downside to working with local lenders is that they typically offer fewer loan options than larger national lenders. This can limit the types of mortgages you can choose from and, in some cases, may result in higher interest rates or closing costs. Additionally, many mortgage lenders in Missouri need to be equipped to handle online applications so that the process can be more time-consuming than with a larger bank.
Top 5 Best Mortgage Lenders In Missouri
1. Midland States Bank
Midland States Bank is one of the best mortgage lenders in Missouri for those looking for competitive rates and terms and a great selection of home loan options. They offer fixed- and adjustable rate mortgages and VA, FHA, and USDA loans. In addition to the loan products, they also provide educational resources and a customer service team that is always available to answer questions.
2. US Bank
US Bank has been providing home loan services for over 125 years and is one of the best mortgage lenders in Missouri. They offer a range of fixed- and adjustable rate mortgages, along with some of the best rates in the state. In addition to their traditional home loans, US Bank offers jumbo loan options for those seeking loans outside of standard limits. And their online tools make it easy to apply for a loan from your home.
3. UMB Financial Corporation
UMB Financial Corporation is the best mortgage lender in Missouri, with a wide range of loan products and services. They offer conventional and government-backed loans, including FHA, VA, and USDA mortgages. In addition to the many loan options they offer, UMB also provides helpful online resources for those looking to understand the home-buying process better.
4. Bank of America
Bank of America is one of the best mortgage lenders in Missouri, offering competitive rates and terms along with a great selection of loan products. Along with their traditional fixed-rate mortgages, they also have available adjustable-rate mortgages and jumbo loans. Plus, their team of experienced loan officers can help guide you through the entire process from application to closing.
5. Academy Mortgage Corporation
Academy Mortgage Corporation is the best mortgage lender in Missouri, with a great selection of loan products and competitive rates. They offer fixed- and adjustable rate mortgages and FHA, VA, and USDA loans. Their team of experts can answer any questions you may have throughout the process.
Conclusion
Finding the best mortgage lenders in Missouri can be daunting, but it doesn't have to be. By understanding what factors to look for in a lender – such as the types of loan products offered, interest rates and fees, customer service ratings, and reviews – you can make an informed decision about which one best suits your needs. In addition, by researching the five top lending institutions listed above, you can narrow your search and find the best mortgage lender in Missouri. Good luck!
