When choosing a Kansas City mortgage company, it’s important to explore all of your options. Many people will shop around at major lending companies or banks, but working with a small or mid-size mortgage company can have its advantages and benefits.
Competent Service Based on Local Knowledge & Expertise
Local knowledge and expertise is extremely important to most clients, especially in markets where competition between prospective buyers is high. A mid-size Kansas City mortgage company will often hire individuals with years of experience in the home loan business. As a result, mid-size mortgage companies have a core group of loan officers that do their jobs well, not 100s of loan officers who have don’t have a clue how real estate the market works. You will find that many mid-size companies:
- Process and close loans faster because their work load is smaller
- Do more hands-on decision making from the owners to the underwriters
- Provide personalized customer service for each client’s unique situation
- Respect you as a person and treat you like more than just another transaction
- Have in-house processing, underwriting, and closing to ensure a smooth loan process
A Variety of Home Loan Programs
A mid-size Kansas City mortgage company can provide access to a broader range of loan programs which could improve your chances of being approved for a home loan. Small banks may not be able to offer certain home loans or first-time homebuyer programs due to their organization’s size. Larger banks may be restricted from select programs.
Look for companies who have 3 or more of the following loan products to ensure you have sufficient options:
- FHA Loans
- USDA Rural Development Loans
- VA Loans
- Conventional Loans, with conforming and non-conforming options
- First-time Homebuyer Programs
Lower Prices for The Same Home Loan Services
Thanks to new rules in the mortgage market, mid-size Kansas City mortgage companies are becoming important players in the real estate industry. These independent mortgage bankers are able to offer their clients all the benefits of a large bank, at a lower price. In addition, small to mid-size lenders are often more competitive with their interest rates and fees than larger lenders.
The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.