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.