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The Best Rates Among Missouri Mortgage Lenders
If you're seeking a mortgage loan in Missouri, our lender reviews are a good place to start. After searching through the lowest mortgage rates in Missouri, we found that direct online lenders provided the best deals for homebuyers looking to purchase or refinance a home in the state. Nevertheless, it is important to consider factors other than rates to find not only the lowest rate, but the best value from a mortgage lender. Keep in mind that low rates don't necessarily equal good service, meaning that you should also assess the lender based on customer service and the resources it has available.
Best Mortgage Lender for First-Time Homebuyers: Bank of America
In addition to multiple locations in Missouri, Bank of America offers the most competitive rates for first-time homebuyers, based on a 5% down payment. The lender does offer loans with as low as 3% down through its Affordable Loan Solution mortgage for borrowers who can't afford a higher down payment, but it only provides rates for loans with 5% or more.
First-Time Purchase Mortgages in Missouri
|Lender||Rate||APR||Monthly Payment||Down Payment|
|Bank of America||4.25%||4.75%||$1,028||5.0%|
Estimates on a $200,000 mortgage with a minimum down payment and 740 credit score.
Although Bank of America has had a troubled reputation in the past with several consumer complaints and federal penalties, J.D. Power has ranked the lender only a few points below the industry average and higher than many large lenders for customer satisfaction. The company offers competitive rates for first-time homebuyers, access to multiple branch locations throughout the state and helpful educational tools.
Bank of America collaborates with Khan Academy to provide comprehensive guides, videos and infographics about the mortgage process to help homebuyers find the best home and financing. However, if you don't need an in-person lender and would rather complete the whole mortgage process online, read more about the best online mortgage lender, Quicken Loans. The rates may be less competitive, but the highly rated service may be worth it, especially for your first home.
Best Online Mortgage Lender: Quicken Loans
Quicken Loans is the best mortgage lender for Missourians who prefer to complete the mortgage process entirely online. The company has one of the highest customer satisfaction ratings and originates the largest number of mortgages in the country.
Quicken Mortgage Loans
|Loan Type||Rate||APR||Monthly P+I|
|VA 30-Year Fixed||4.38%||4.75%||$809|
|FHA 5/1 ARM||3.99%||5.11%||$882|
Estimates on a $200,000 mortgage with a 20% down payment and 740 credit score. The APR and monthly costs for adjustable-rate mortgages (ARMs) can increase based on changes in the index rate.
Quicken Loans doesn't strive to offer the lowest rates; instead, the company works to offer good value. It does this by providing a simple loan process with multiple resources for the borrower including guides, calculators and knowledgeable home loan experts. The emphasis on good service and transparency has led to happy customers, with Quicken Loans earning the highest ranking from J.D. Power for overall mortgage satisfaction.
The company offers many types of loans including fixed-rate, adjustable-rate, VA, FHA and reverse mortgages in order to fit most kinds of borrowers. The number of loan options can be overwhelming, but Quicken Loans provides articles for you to reference, and you can chat with a home loan expert online or over the phone if you need guidance.
Best Lender for In-Person Service in Missouri: U.S. Bank
Along with providing the most mortgage originations in Missouri, according to S&P Global, U.S. Bank has significantly more branches than any other bank in the state. In addition, the bank offers a variety of loan products with competitive rates for each type.
Mortgage Products at U.S. Bank
|Loan Type||Rate||APR||Monthly Payment|
|30-Year VA Fixed||4.50%||4.85%||$1,046|
Estimates on a $200,000 mortgage with a 20% down payment and 740 credit score.
U.S. Bank is the most accessible lender in the state and offers great rates for Missouri homebuyers. Whether you live in Kansas City or a smaller city like Branson, you'll have access to branch locations where you can speak to local mortgage officers experienced in helping homebuyers in the state.
Best Lender for a VA Home Loan: USAA
For veterans and active service members in Missouri, USAA ranked as the best option for a VA mortgage loan based on its highly rated customer service and expertise in financial services for service members.
Best VA Lenders in Missouri
|Lender||Rate||APR||Monthly P+I||Estimated Points and Fees|
|Navy Federal Credit Union||3.75%||4.05%||$1,042||$11,081|
|Wells Fargo||4.38%||4.60%||$1,147||$8,518 (includes closing costs)|
Estimates on a 30-year fixed-rate $225,000 VA loan with a 0% down payment, 2.15% to 3.30% VA funding fee and credit score of 740.
The lender doesn't provide the best rates for borrowers, but if customer service is a priority for you, USAA is a good option that offers its borrowers a lot of support and helpful resources. USAA provides a learning center with articles designed to help you find and finance a home. If you are already a member or qualify for membership from USAA, you can access a network of real estate agents trained in finding homes for military personnel. And if you use the program, you can qualify for a reward of up to $24,000, based on your home's sale price.