Missouri–or “The Show Me State”–has a rich history as the 24th largest state in the United States. With rolling hills and beautiful forests, Missouri is also known for having the largest number of caves in America with over 6,000 discovered so far. The Home Loan Expert is proud to be a Missouri mortgage company helping the residents in this great state get the home loans they need.
Once again, Missouri ranks in the top ten cheapest states to acquire a home loan. The mortgages being offered to the general public are more than competitive, but if you are a veteran, first responder, or teacher, you may qualify for even lower rates.
Buying a Home in Missouri
Missouri Real Estate
The real estate prices in Missouri continue to ascend due to the laws of supply and demand. Estimates show that housing prices have risen 12% in 2022. But even though the cost of homeownership in Missouri is rising, it’s still ranked in the top ten states in the nation in affordability.
According to Zillow, the median price for a home in Missouri is $225,067. Even though that is up 12% from the previous year, it is still much cheaper than many other places in the country (e.g. the median price for a home in Colorado is $581,000). The median home price in Washington state is almost $619,000. The point being is that 12% up from a price that was already very inexpensive shouldn’t put much of a hindrance in your way to owning a home.
Best Home Loan Mortgage Options in Missouri
Mortgage loans are available in a variety of forms, and each home loan has different qualification requirements and interest rates.
Whether you’re getting ready to purchase your first home in Missouri with the support of a homebuyers program or refinance your current mortgage, it’s important to understand how you can get the best home loan for your needs.
You should also understand what kinds of options are available for each type of mortgage before making any decisions about which one is right for you.
- ARM (adjustable rate mortgages): Also known as variable-rate mortgages, they have an interest rate that may change occasionally depending on changes in a corresponding financial index that may be associated with the loan. This means that your monthly payment can increase or decrease in correlation with the index rate going up or down.
- FHA, VA, and USDA-backed mortgages (government-insured mortgages) : These loans are government-sponsored mortgages that are intended to help families become homeowners with little to no down payment.
- Fixed-rate mortgages: A fixed-rate mortgage has the same rate throughout the entire term of the loan. This means that if interest rates rise while you are still paying your loan, your rate and payment will remain locked in the entirety of your loan term.
- Conventional mortgages: Conventional mortgages aren’t issued or guaranteed by the federal government. Conventional mortgages are popular among homeowners because they offer lower costs comparative to other loan types.
If you aren’t sure which of these or other available loans is best for you, then check out a full list of home loan options available to those in Missouri (there are many)!
Missouri Mortgage or Deed of Trust
If you find yourself confused over the terminology involved in home buying, know that you’re not alone. Luckily, there are some great resources out there to help make the process easier to understand. You may have come across the term “deed of trust” and may have been confused as to what that meant.
A deed of trust is quite similar to a mortgage. While laws will vary from state to state, it’s common in most states that a deed of trust and mortgage are synonymous with one another. Missouri is classified as a “deed of trust” state, where a deed of trust can be used in lieu of a mortgage. What this means is a deed of trust is essentially a mortgage, meaning a security interest is granted in certain real estate to the lender.
Best Mortgage Lenders in Missouri
After the 2008 housing market crash, many states implemented what are known as brick and mortar regulations. Meaning, it is a prerequisite that a mortgage lender has an actual physical location. Missouri is a brick and mortar state, so you will be able to speak to a local mortgage broker face to face that knows the community and best home loan options available in Missouri.
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 The 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)
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)
Want a full guide to the best mortgage lenders in Missouri? Head here!
Best First-time Homebuyers Programs in Missouri
Through the first-time homebuyer programs in Missouri, you can enjoy several benefits designed to help make purchasing your first home more straightforward–and less stressful!
MHDC First Place Loan Program
The MHDC First Place Loan Program is implemented with the assistance of the Missouri Housing Development Commission. The program offers loans with lower than market interest rates, and all loans provided through the MHDC First Place Loan Program are 30-year, fixed-rate mortgages. Plus, they’re offered with identical rates no matter which certified lender you use.
To be eligibility for the MHDC First Place Loan Program, you must:
- Be either a first-time homebuyer or a veteran within 25 years of leaving active service
- Have a good credit history
- Have an annual income within set limits determined by the neighborhood in which you are purchasing a home
- Be a resident of the state of Missouri
While not one of the requirements, prospective applicants of the MHDC First Place Loan Program may want to keep their house for at least nine years; otherwise, a recapture tax may be applied upon sale.
Best for: First-time and veteran homebuyers with good credit looking for lower than market interest rates who intend on keeping their purchased home for 9+ years.
First Responder Home Loan Programs
First Responder Home Loan Programs are designed to help first responders purchase a home with loans offering better terms and interest rates as compared to conventional loans.
The best program for first responders in Missouri is offered through The Home Loan Expert. They promise a hassle-free process for first responders with competitive interest rates, rebates, and down payment assistance.
Criteria for applying for a First Responders Home Loan include:
- Work as a first responder, such as a firefighter, police officer, medical emergency personnel, nurse, and more
- Additional criteria is available through consultation
Best for: First responders looking to purchase a new home
MHDC First Place Loan Program with Cash Assistance
MHDC First Place Loans with Cash Assistance are offered through the Missouri Housing Development Commission and are intended to help buyers who may not be able to afford closing costs or down payments.
While these loans have slightly higher interest rates compared to Non-Assistance MHDC First Place Loans, they provide 4% of the loan amount to clients in order to support them with the upfront finances of purchasing a house.
The guidelines to keep in mind for applying to the MHDC First Place Loan Program with Cash Assistance include:
- Be either a first-time homebuyer or a veteran within 25 years of leaving active service
- Have a good credit history
- Have an annual income within set limits determined by the neighborhood in which you are purchasing a home
- Be a resident of the state of Missouri
While not a requirement, prospective applicants of the MHDC First Place Loan Program may want to keep their house for at least nine years;otherwise, a recapture tax may be applied upon sale.
Best for: First-time and veteran homebuyers with good credit who need some help with affording closing costs and down payments.
MHDC Next Steps Loan Program
Another program offered through the Missouri Housing Development Commission, MHDC Next Steps Loans are primarily intended for first-time or veteran homebuyers with an income level exceeding the threshold of the MHDC’s First Place Loan Program.
If you’re in construction or real estate, for instance, this is a great option for you. These loans can be issued as with FHA, VA, RD, or conventional loans, though mortgage rates may be higher depending on the type of loan received.
Criteria for applying to the MHDC Next Steps Loan Program include:
- Be either a first-time homebuyer or a veteran within 25 years of leaving active service
- Have a good credit history
- Have an annual income within set limits determined by the neighborhood in which you are purchasing a home
- Be a resident of the state of Missouri
Best for: First-time and veteran homebuyers with good credit with a higher income level
MHDC Next Steps Loan Program with Cash Assistance
The MHDC Next Steps Loan Program with Cash Assistance offers a nice source of commission by giving the option of a second mortgage on top of your first mortgage under the MHDC Next Steps Loan Program for 4% of your first mortgage in order to help you pay down payments and closing costs. This second mortgage will be forgiven so long as you stay in the purchased home for at least ten years.
Criteria for applying to the MHDC Next Steps Loan Program include:
- Be either a first-time homebuyer or a veteran within 25 years of leaving active service
- Have a good credit history
- Have an annual income within set limits determined by the neighborhood in which you are purchasing a home
- Be a resident of the state of Missouri
Best for: First-time and veteran homebuyers with good credit and a higher income level looking for help paying down payments and closing costs
Read all about Missouri’s First-time Homebuyer Programs here!
Top Mortgage Lenders in St. Louis
The Home Loan Expert
The Home Loan Expert is a direct mortgage lender with a knack for impeccable customer experience. If you’re looking for reliability as you shop for a home loan and mortgage company, you’ll love The Home Loan Expert’s dedicated consultants and personal touches. They don’t outsource your application to third parties; instead, they walk you through the whole process from start to finish.
We offer home loans and similar, from debt consolidation refinance for your current mortgage to home equity loans that many clients use for debt consolidation loans.
What sets us apart from our competitors? We believe it’s our mission to end the confusing, inaccessible nature of mortgages. Everyone deserves the chance to be a homeowner, and our dedicated staff works to empower our clients and make that a reality.
As for the process? Simply fill out a 5-Minute Loan Approval* application.
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:
- Unparalleled customer experience
- Reliability in having the entire process under one roof
- Personable attitude and nature
- Lowest closing costs
- Flexible loan and mortgage options
- Down payment assistance
Cons:
- There are a lot of options. You’ll probably need to research our loan options or reach out to a team member who will be happy to help determine which option is best for you.
Minimum down payment: Ranging from 3% to 0% (for VA members)
Start the approval process at Home Loan Expert today!
Discover is a household name for online and in-person banking, credit cards, loans, and more. The bank’s home equity loans feature impressively little (if any) fees. Specifically, you won’t pay any origination, application, closing, or appraisal fees with Discover.
Customers have good things to say about Discover’s customer service team, which is always available (7 days a week) to assist you with your application. You can borrow between $35,000 to $300,000 with Discover, with interest rates ranging from 5.99% to $300,000.
Loans & Services
- Home equity loans
- Mortgage refinancing
- Credit cards
- Online banking
Pros:
- No fees
- Regular customer assistance is available
Cons:
- High credit score required for preferred rates
Minimum down payment:
Not listed
Veterans United Home Loans
Veterans United Home Loans was rated the #1 mortgage lender for veteran buyers. While the lender doesn’t offer traditional home equity loans, they provide an impressive cash-out refinancing loan for qualified veterans. Eligible applicants can refinance their existing mortgages into new and improved loans with better rates. And the money leftover from the appreciated property is ready-to-use cash.
Loans & Services
- VA Loans
- VA mortgage
- Cash-out Refinancing
- Streamline Refinancing
- Jumbo Loans
Pros:
- Native to Missouri
- 24/7 customer service
- Quick pre-approval
- Free credit counseling
Cons:
- It doesn’t offer home equity loans without refinancing your existing mortgage
Minimum down payment:
Not listed
Read more about St. Louis mortgage lenders here!
Refinancing in Missouri
There are countless benefits to refinancing your home loan. Refinancing is the process of taking out a new loan to pay off an existing one. Refinancing can be used to lower monthly payments and get a lower interest rate, or it can allow you to get a longer loan term and make monthly payments more affordable.
Some situations in which homeowners might choose to refinance include:
- You want to lower your monthly payment by extending the length of your loan maturity
- Your credit score has improved since you applied for your mortgage, but now you qualify for better terms than the ones offered at that time; or
- You need cash from refinancing so that you can invest in home improvements or pay off other debts
Mortgage Calculators for Missouri
Mortgage calculators can help determine your mortgage payment and break down that payment into individual expenses such as taxes, insurance, and HOA fees. Calculate your monthly mortgage payment for a home in Missouri by inputting your loan term, home price, and down payment into the corresponding box on the mortgage calculator.
In addition to the mortgage calculator, we offer a loan comparison calculator, rent vs. buy calculator, and refinance calculator among others. Our goal is to provide clients with a full suite of tools so that they may make the most informed decision possible about their home loans.
The Home Loan Expert in Missouri
We provide Missouri mortgage services in:
- St. Louis
- Kansas City
- Springfield
- Columbia
- Independence
- Lee’s Summit
- Joplin
- St. Joseph
- Blue Springs
- Jefferson City
- Cape Girardeau
- Liberty
- Rolla
- And more cities in Missouri
Our home loan options in Missouri include:
- 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
- Union Loans
- USDA Loans
- VA Loans
- Zero Dollar
- No Income Verification Loans
Our Missouri Story
From the Cardinals to the Tigers, from big-city Blues to small county fairs, we know Missouri like the back of our hand. After all, it’s our home base, and where our story began.
When we started the company in 2015, Missouri was the only state we served. In the early days of The Home Loan Expert, founder and CEO Ryan Kelley had one simple goal: to help his neighbors get better home loans.
Before we were a 200-person company with offices in 17 U.S. states, our business model consisted of Ryan Kelley driving all around Missouri to meet clients in their homes, sitting at hundreds of kitchen tables, and reviewing loans line by line. He certainly put a lot of miles on his car, but it was the right way to do business: with a personal touch and a smile.
As a result, no one knows Missouri as we do. And we’re not just talking about loans: we’re also talking about getting involved in the community and giving back. We’re partnered with causes and charities all across this great state, including:
- Friends of Kids with Cancer
- Backstoppers
- Make-A-Wish Foundation
- Boy Scouts of America
- And so many more
Today, we’re proud to serve homeowners in St. Louis, Kansas City, Springfield, Columbia, Independence, Lee’s Summit, Joplin, St. Joseph, Blue Springs, Jefferson City, Cape Girardeau, Liberty, Rolla, and in every other city in Missouri.
So if you’re thinking about buying a Missouri home or refinancing your current one, call The Home Loan Expert office today or get started on
Our Missouri office is located at:
1600 South Brentwood Blvd
Suite 700
Brentwood, MO, 63144
