The Best Mortgage Lenders in Coats, KS
Compare verified mortgage lenders serving Coats, Kansas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Coats
Featured Mortgage Lenders
Meritrust Credit Union Mortgage Department
Meritrust Credit Union
Meritrust Credit Union stands out as one of the highest-rated mortgage lenders serving south-central Kansas, including Coats. With nearly 90 years of financial service experience and exceptional 4.9-star ratings across multiple platforms, Meritrust offers comprehensive mortgage solutions with personalized service. Their expertise in rural and agricultural communities makes them particularly well-suited for Coats residents. They provide competitive rates, local underwriting decisions, and specialized loan programs including USDA rural development loans that benefit smaller Kansas communities.
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Fidelity Bank Mortgage Division
Fidelity Bank
Fidelity Bank brings over a century of banking experience with a strong focus on serving Kansas communities, including rural areas like Coats. Their mortgage division earns consistent 4.8-star ratings for exceptional customer service and local decision-making. They specialize in both urban and rural property financing, offering construction loans and lot financing that are particularly valuable for Coats area homebuyers. Their long-standing community presence and understanding of Kansas real estate markets make them a trusted choice for mortgage services.
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First Mortgage Company
First Mortgage Company, LLC
First Mortgage Company has built an outstanding reputation across Kansas with particular expertise in serving the Wichita metropolitan area and surrounding rural communities like Coats. With over 35 years in business and consistent 4.7-star ratings, they offer a wide range of mortgage products with a focus on first-time homebuyer programs and rural housing loans. Their local processing and underwriting teams provide faster turnaround times and personalized service, making them an excellent choice for Coats residents seeking competitive financing options with local expertise.
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Frequently Asked Questions
Common questions about mortgage lending in Coats, KS
What are the current average mortgage rates for homebuyers in Coats, KS?
Mortgage rates in Coats typically align with national averages but can vary slightly based on local lenders. As of recent data, 30-year fixed rates in the area generally range from 6.5% to 7.2%, though rural properties might see slightly higher rates. It's best to check with local institutions like First National Bank of Pratt or South Central State Bank for the most current Coats-specific rates.
Are there any special mortgage programs for first-time homebuyers in Coats?
Yes, Kansas offers the First Time Homebuyer Program through KHousing, which provides competitive interest rates and down payment assistance to qualified buyers in Coats. Additionally, USDA loans are particularly relevant for Coats homebuyers since the entire area qualifies for USDA rural development loans, offering 100% financing options for eligible borrowers.
How does Coats' rural location affect the mortgage approval process?
Coats' rural status can impact appraisals since comparable properties may be limited, potentially requiring appraisers to look at nearby towns like Pratt or Medicine Lodge. Lenders may also require additional property inspections for rural homes, particularly for wells and septic systems. However, the USDA loan program specifically favors Coats' rural designation.
What types of properties are most common for mortgage lending in Coats?
Most mortgages in Coats are for single-family homes, many of which are older properties built before 1980. You'll also find manufactured homes on owned land, though these typically require different financing (FHA or VA loans for manufactured homes). Agricultural properties with small acreages are common but may require specialized farm loans rather than conventional mortgages.
Are property taxes in Coats typically included in mortgage escrow accounts?
Yes, most lenders in Pratt County require escrow accounts for property taxes and insurance. Coats has relatively low property taxes compared to urban areas, with Pratt County rates around 1.2-1.5% of assessed value. Your mortgage lender will typically collect approximately 1/12 of your annual tax bill each month as part of your payment.
Why Choose a Mortgage Lender in Coats?
Local Market Knowledge
Lenders who understand Coats's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Kansas.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Coats and get competitive rates on your home loan.