The Best Mortgage Lenders in Phillipsburg, MO
Compare verified mortgage lenders serving Phillipsburg, Missouri. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Phillipsburg
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender known for its exceptional customer service and competitive rates. With over 25 years in business, they have a strong presence in Missouri and serve the Phillipsburg area through their Springfield branch. They are highly regarded for their efficient processing, personalized loan options, and high customer satisfaction scores, making them a reliable choice for homebuyers in rural and suburban communities.
Loan Types:
New American Funding
New American Funding
New American Funding is a highly-rated mortgage lender with a strong national presence and dedicated service in Missouri, including Phillipsburg. They are praised for their diverse loan programs, including options for first-time homebuyers and underserved communities, and have a reputation for responsive customer support and competitive rates. Their long track record and high review counts reflect their commitment to reliability and customer satisfaction.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a reputable lender known for its fast closings and excellent customer service, with a significant presence in Missouri that includes the Phillipsburg area. They offer a wide range of loan products and are recognized for their community involvement and transparent processes. With years of experience and strong customer reviews, they provide reliable financing solutions for homebuyers in both urban and rural settings.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Phillipsburg, MO
What are the current average mortgage rates for homebuyers in Phillipsburg, MO?
Mortgage rates in Phillipsburg typically align with national averages but can vary based on local lenders and property types. As of late 2023, 30-year fixed rates in the area generally range from 6.5% to 7.25%. It's best to check with local credit unions like Central Bank of the Ozarks or regional banks for the most current Phillipsburg-specific rates.
Are there any first-time homebuyer programs specifically available in Phillipsburg?
Yes, Phillipsburg homebuyers can access Missouri's First Place Home Loan Program, which offers competitive interest rates and down payment assistance. Additionally, the USDA Rural Development Loan program is particularly relevant since Phillipsburg qualifies as a rural area, offering 100% financing options for eligible buyers in this community.
How does Phillipsburg's rural location affect mortgage lending options?
Phillipsburg's rural designation opens up valuable USDA loan opportunities that aren't available in urban areas. Many lenders also consider the area's stable but slower-paced market when underwriting loans, often requiring thorough property inspections since rural homes may have unique well, septic, or accessibility considerations that urban properties don't face.
What are the typical down payment requirements for homes in Phillipsburg?
Down payments in Phillipsburg vary by loan type, with conventional loans typically requiring 5-20% down, while FHA loans require 3.5% down. The area's affordable housing prices (median home value around $150,000) make down payments more manageable, and USDA loans offer zero-down options for qualified buyers in this rural community.
How do property taxes in Phillipsburg affect mortgage payments?
Phillipsburg's property taxes in Laclede County are relatively low compared to urban Missouri areas, currently averaging about 0.90% of assessed value. This means your escrow payments will be lower, making overall mortgage payments more affordable. However, it's important to get a precise tax estimate since rates can vary slightly within the Phillipsburg area.
Why Choose a Mortgage Lender in Phillipsburg?
Local Market Knowledge
Lenders who understand Phillipsburg'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 Phillipsburg and get competitive rates on your home loan.