The Best Mortgage Lenders in Fulton, MO
Compare verified mortgage lenders serving Fulton, Missouri. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Fulton
Featured Mortgage Lenders
Central Bank of Boone County
Central Bank of Boone County
Central Bank of Boone County is a highly-rated regional lender with strong presence throughout mid-Missouri, including service to Fulton residents. With over a century of operation, they offer personalized mortgage services through local loan officers who understand the Fulton market. Their exceptional 4.8 rating reflects consistent customer satisfaction with competitive rates, smooth closing processes, and excellent communication. As a community-focused institution, they provide comprehensive mortgage solutions including specialized programs for first-time homebuyers and construction loans.
Loan Types:
Tower Loan
Tower Loan of Missouri
Tower Loan maintains a physical branch in Fulton and has served Missouri residents for decades with mortgage and lending services. Their local presence allows for face-to-face consultations and personalized service that larger online lenders cannot match. With a 4.7 rating, customers consistently praise their transparent process, competitive rates, and helpful staff who guide borrowers through each step. They specialize in helping customers with various credit backgrounds and offer both purchase and refinance options with local underwriting decisions.
Loan Types:
Missouri Credit Union
Missouri Credit Union
Missouri Credit Union serves members throughout central Missouri, including Fulton, with highly competitive mortgage rates and exceptional member service. Their 4.6 rating reflects outstanding customer experiences with low closing costs and personalized attention from dedicated mortgage specialists. As a not-for-profit institution, they often offer more favorable terms than traditional banks and provide educational resources for first-time homebuyers. Their local decision-making process and commitment to the community make them a top choice for Fulton area home financing.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Fulton, MO
What are the current average mortgage rates for homebuyers in Fulton, MO?
Mortgage rates in Fulton typically align with national averages but can vary based on local lenders and market conditions. As of late 2024, conventional 30-year fixed rates in Fulton generally range from 6.5% to 7.25%, though you'll find competitive rates at local institutions like The Callaway Bank and Kingdom Credit Union. It's wise to compare multiple local lenders since even small rate differences can significantly impact your long-term costs in Fulton's affordable housing market.
Are there any first-time homebuyer programs specifically available in Fulton?
Yes, Fulton homebuyers can access Missouri's First Place Home Loan Program, which offers competitive interest rates and down payment assistance. Additionally, the Missouri Housing Development Commission (MHDC) provides mortgage tax credits that can reduce federal tax liability for qualified buyers in Fulton. Local lenders often have expertise in these programs and can guide you through the application process specific to Callaway County requirements.
How does Fulton's lower cost of living affect mortgage qualification and home buying power?
Fulton's median home prices (typically $150,000-$250,000) are significantly below national averages, which means your income can qualify you for more house than in many other markets. The lower property taxes in Callaway County also improve debt-to-income ratios, making qualification easier. This affordability allows many buyers to consider 15-year mortgages or larger down payments, building equity faster in Fulton's stable market.
What special considerations should I know about when getting a mortgage for a historic home in Fulton?
Fulton has several historic districts and homes near Westminster College and the downtown area, which may require specialized financing. You'll want to work with lenders experienced with historic properties, as some may have stricter appraisal requirements or need FHA 203(k) rehabilitation loans. Local preservation guidelines might affect renovation plans, so factor in potential higher insurance costs and maintenance expenses when calculating your mortgage budget.
How do local property taxes in Fulton and Callaway County impact monthly mortgage payments?
Callaway County property taxes are relatively low compared to national averages, currently around 0.85% of assessed value. For a $200,000 home in Fulton, this translates to approximately $1,700 annually, which significantly affects your PITI payment calculation. These taxes are typically escrowed in your monthly mortgage payment, and understanding the assessment process is crucial since property values in Fulton have been gradually appreciating.
Nearby Cities
Explore mortgage lenders in cities near Fulton, MO
Why Choose a Mortgage Lender in Fulton?
Local Market Knowledge
Lenders who understand Fulton'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 Missouri.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Fulton and get competitive rates on your home loan.