The “Show-Me” state Missouri actually does have a lot to show you! It’s practically a homeowners’ paradise with its low median housing cost. A home loan in Missouri can open all sorts of residential doors for you–along with a significant upgrade in the quality of life department.
Here are a few things to keep in mind when you are applying for a home loan in Missouri:
- It’s a good idea to keep your financial records handy
- Do some research and figure out what mortgage loans you are eligible for
- Pick the best Missouri mortgage lender for you!
There are some other things to consider, too, of course. For example, is the interest rate of the loan fixed or adjustable? How is the tax-deductible interest? Are the rates in your budget?
The best way to answer these questions is to start working with the best home loan and mortgage lender in Missouri!
Best Missouri Mortgage Lenders
| Lender | Min. Down Payment | ||
|---|---|---|---|
| The Home Loan Expert |  | 0–3% | Learn More |
| U.S. Bank |  | 0–3.5% | Learn More |
| Rocket Mortgage |  | 0-4% | Learn More |
| Hero Loan |  | 0% | Learn More |
| Carrington Mortgage Services |  | 0–3.5% | Learn More |
| AmeriSave |  | 0–2.8% | Learn More |
| Chase Bank |  | 0–3.5% | Learn More |
| NBKC Bank |  | 0–3.5% | Learn More |
| Flagstar Bank |  | 0–3.5% | Learn More |
| Morty |  | 3–5% | Learn More |
| AimLoan Mortgage |  | 5% | Learn More |
The Home Loan Expert
If you’re looking to get a home loan in Missouri, then The Home Loan Expert has got you covered. Boasting a seamless online experience and a plethora of options for mortgages and home loans in Missouri, the Home Loan Expert is an ever-reliable portal for your home-owning journey.
Because they understand that the process can be a little bit overwhelming, The Home Loan Experts strive to keep things as easy and stress-free as possible. Getting your application approved is a breeze when you get started with their 5-Minute Loan Approval* application. Ensuring that the process is as personal as it is professional, they put the customer and the community first.
Loans & Services:
- Adjustable-Rate Mortgages
- Bank Statement Mortgages
- Cash-Out Refinance
- Conventional Loans
- Debt Consolidation
- FHA Loans
- First Responder Loan Program
- Fixed-Rate Loans
- Home Purchase Loan
- Jumbo Home Loans
- No Income Verification Loans
- Union Loans
- USDA Loans
- VA Loans
- Zero Dollar
Pros:
- Personalized and hands-on service.
- It’s like working with a friend who’s also a home loan expert.
- Best in class closing costs
- Variety of loan and mortgage options
- Robust down payment assistance options
Cons:
- Given the number of loan choices available, some prior homework might be necessary in order to zero in on the best loan for you.
Minimum down payment: Ranging from 3% to 0% (for VA members)
Start the approval process at Home Loan Expert today!
U.S. Bank
A well-known name in home loans in Missouri and beyond, U.S. Bank is a dependable financial institution. With a small selection of loans and services, they can be a good option for your first foray into the business of home-owning. U.S. Bank also offers the American Dream program, which assists consumers who are looking for homes in low to moderate-income neighborhoods.
They also offer programs to help interested buyers to cover some or a large portion of the closing costs and down payment. U.S Bank also provides a full team of mortgage loan officers to guide you towards owning your dream home in a prime location like Missouri.
Loans & Services:
- Conventional Loans
- Adjustable-Rate Mortgages
- FHA Loans
- VA Loans
- Jumbo Loans
- Investment Property Loans
- New Construction and Lot Loans
Pros:
- Handy monthly payment calculator
- Devoted customer support base for applications
Cons:
- Slightly antiquated and confusing online experience
- Drawn out prequalification process
Minimum down payment:
Ranging from 3.5% down to 0% (for VA members)
Rocket Mortgage
Your third option comes courtesy of Rocket Mortgage, which prides itself on being America’s largest mortgage lender. Formerly known as Quicken Loans, it offers a smooth online experience and a solid selection of Quick Mortgage Options. They also offer fee-less payments on a variety of mortgages, including services like automatic, one-time, and biweekly payments.
Rocket Mortgage also has a unique loan dubbed the YOURgage, which offers flexible repayment terms from 8 to 29 years for those of you who are considering home loans in Missouri.
Loans & Services:
- FHA Loan
- 30-Year Fixed Mortgage
- 15-Year Fixed Mortgage
- Adjustable-Rate Mortgage
- YOURgage
- VA Loan
- Jumbo Loan
- FHA Streamline
Pros:
- Offers streamlining for FHA Loans
- Offers loans with custom terms that have a fixed interest rate
- Snappy prequalification
- Flexible closing options
Cons:
- Does not accept USDA loan applications
- Loan fees are on the more expensive side
- Website not very transparent about options
Minimum down payment:
Ranging from 4% down to 0% (for VA members)
Hero Loan
Hero Loan–one of the fastest growing lending platforms in the country–serves active- duty military, veterans, and their families. Their mission is to provide fast, personalized service while supporting veteran-owned businesses and events.
As a direct-endorsed VA Lender, Hero Loan can close VA loans in as little as 14 days–compared to most lenders that take up to 60 days. They underwrite all VA loans in house, meaning lower mortgage rates and no upfront or out of pocket costs—that includes the appraisal.
How It Works:
Hero Loan has an enticing roster of loans and services that they offer. Apart from the standard VA loan, some of these also include:
- VA Streamline Refinancing
- Conventional Loan Refinancing
- VA Cash-Out Refinancing
- FHA Loans
After you’ve made your choice, you can use their website to fill out a few preliminary details and apply for the loan or service that you have chosen. From there, a loan officer will be assigned to you who will take you through the minutiae and explain the details of the loan that you are about to borrow.
In addition, they will also help you get the all-important VA Loan Certificate of Eligibility and fill out all the VA paperwork for you. After you’ve sorted out the necessary details, all that remains for you to do is wait till the loan is closed. But don’t worry–with Hero Loan that takes as little as 14 days (compared to the standard two months)!
Pros:
- Complete all VA paperwork for clients
- Underwrite all VA loans in-house
- Can close VA Loans in as little as 14 days
- No appraisal fees or out-of-pocket fees
Cons:
- Services are for active-duty military, veterans, and their families only
Minimum down payment:
$0 down payment
Carrington Mortgage Services
Founded in 2007 and headquartered in California, Carrington Mortgage Services is a fairly new entrant to the home loan game. Offering a special Carrington Mortgage Advantage to borrowers who have low credit scores and high DTI (debt to income) ratios, they have a small selection of loans and services.
Carrington also offers a Prime Advantage program, which is targeted at people who have very satisfactory credit scores but miss qualifying for loans due to having old credit events.
Loans & Services
- Conventional Loans
- FHA Loans
- USDA Loans
- VA Loans
- Adjustable-Rate Mortgages
- Carrington Flexible Advantage
Pros:
- Plenty of options for a variety of credit score groups
- Detailed monthly payment calculator with provision for comparing loans
Cons:
- Low selection of loans and services
- Not licensed to originate mortgages in Massachusetts and North Dakota
Minimum down payment:
Ranging from 3.5% down to 0% (for VA members)
AmeriSave
AmeriSave has been around since 2002 and has financed over 390,000 homes in its twenty-year journey. It is also an approved Fannie Mae lender. AmeriSave’s methodology is largely online and hands-free.
This might not appeal to borrowers who are looking for a more hands-on experience and personalized when it comes to tackling their dreams of getting a dream home of their choice. However, AmeriSave has a decent selection of loans on offer and a very low minimum down payment.
Loans & Services:
- Fixed-Rate Loans
- Adjustable-Rate Loans
- Cash-Out Refinancing
- Jumbo Loans
- FHA Loans
- VA Loans
- USDA Loans
Pros:
- Short prequalification time
- Great customer service
Cons:
- Fewer loan options
- Does not originate mortgages in New York
- Very hands-off process
Minimum down payment:
Ranging from 2.8% down to 0% (for VA members)
Chase Bank
Chase Bank is a giant when it comes to financial services in the United States. This bank has its fingers in all sorts of services, ranging from auto loans and personal banking to mortgages.
Borrowers have the option of beginning their mortgage applications online and can choose from a variety of mortgage types through the bank. Chase also offers a DreaMaker program for those seeking a low down payment, but it does come with special eligibility rules.
Loans & Services:
- Purchase Loans
- Refinance Loans
- Conventional Loans
- FHA Loans
- VA Loans
- Jumbo Loans
- DreaMaker Loan
- Fixed-Rate Mortgages
- Adjustable-Rate Mortgages
Pros:
- Private clients can get discounts
- DreaMaker program for lower down payments
Cons:
- Drawn-out refinancing process
- Only 35 states have home lending advisory licenses
- Larger organization, so can have a less personalized and customized process
Minimum down payment:
Ranging from 3.5% down to 0% (for VA members)
NBKC Bank
Formerly National Bank of Kansas City, NBKC is a bank tailor-made for small businesses and individuals. Over the years, it has pushed online banking over physical banking and as a result has only four physical branches in the United States.
Through its website, you have access to some useful tools like a detailed and layered mortgage calculator and a refinancing savings calculator.
Loans & Services:
- Conventional Loans
- VA Loans
- FHA Loans
- Adjustable-Rate Mortgages
- Jumbo Loans
- New Construction Loans
- Pilot Program
Pros:
- Slick and modern online experience
- Good customer service
Cons:
- No USDA or mobile home loans
- Only four physical branches in Kansas City.
Minimum down payment:
Ranging from 3% down to 0% (for VA members)
Flagstar Bank
Flagstar Bank was founded in Michigan in 1987. Apart from mortgages, Flagstar is known for offering handy things like credit cards and checking and savings accounts. The bank is licensed to offer mortgages in all the states (including Washington, D.C.) and boasts 150 physical branches spread across a few of those states.
Flagstar is a good option for all kinds of hopeful borrowers, because the bank has a fair amount of loans available. However, a potential snag in the case of Flagstar might be the good credit score that you will need in order to be eligible for FHA and USDA loans. Apart from that, Flagstar has accumulated a large number of complaints from its users over the years due to subpar customer service.
Loans & Services:
- Conventional Loans
- FHA Loans
- VA Loans
- Jumbo Loans
- USDA Loans
- Fixed-Rate Loans
- Adjustable-Rate Loans
- Construction Loans
- Renovation Loans
- Medical Professional Loans
Pros:
- Healthy presence across the contiguous United States
- $1000 discount on closing costs to veterans and certain first responders
Cons:
- History of regulatory actions being taken against them
- Credit score requirements on the higher side for FHA and USDA loans
- Some unhappy customers
Minimum down payment:
Ranging from 3.5% down to 0% (for VA members)
Morty
Morty is best described as a bona fide online marketplace for mortgages. It’s not a direct mortgage lender, but rather makes the process of finding the best loan option and comparing the rates from lending associates. The whole procedure of looking for a mortgage and finding a low-ish rate can take up a lot of time.
Morty is trying to reduce some of that hassle by making a number of loan options available to you after a single online application. However, as of this moment, they are only offering conventional home loans in Missouri on residences that are primary. This means that shopping for vacation condos or investing in property is not feasible through Morty. Additionally, FHA, USDA, VA loans are not yet compatible with them.
Loans & Services:
- Conventional Fixed-Rate Loans
- Conventional Adjustable-Rate Mortgages
- Jumbo Loans
- Refinance Loans
Pros:
- Easy to compare loan options through the online broker platform.
Cons:
- Only licensed to operate in 36 states and DC
- Does not offer home equity lines of credit, USDA, FHA, VA, and renovation loans
- Very small selection of loans and services
- Higher minimum downpayment than other home loan options on this list
Minimum down payment:
5% to 3% (for first-time homeowners)
AimLoan Mortgage
AimLoan Mortgage was conceived as an internet direct lender in 1998. While they originate loans in all of the states, they only offer jumbo and conventional loans. Potential borrowers are expected to complete all the required processes online.
On its website, AimLoan Mortgage declares that they do not use any mortgage brokers or loan officers. By cutting these costs in the bud, their customers are provided with lower fees and rates. In addition, AimLoan Mortgage is competitive, going as far as guaranteeing certain closing costs that the customers are shown when they are applying for a loan or mortgage.
Loans & Services:
- Purchase Loans
- Conventional Loans
- Refinance Loans
- Jumbo Loans
- Fixed-Rate Mortgages
- Adjustable-Rate Mortgages
Pros:
- Offers quick rate locking, generally within 30 to 45 days
- Rates readily available on their website
Cons:
- Very few branch locations
- Does not offer government-backed loans
- Minimum downpayment is one of the highest on this list
Minimum down payment:
Set at 5%
Conclusion: What is the best mortgage lender in Missouri in 2022?
While there are many great home loan lenders in Missouri, The Home Loan Expert is at the top of this list for a reason. Competitive rates, blazing fast approval, and closing times—coupled with excellent customer service and a wide selection of the most widely borrowed mortgages—make The Home Loan Expert the best choice by a Missouri country mile.
Contact them today to get started with their simple application so you can purchase the Missouri home of your dreams!
The Home Loan Expert
