The Best Mortgage Lenders in Saint Louis, MO
Compare verified mortgage lenders serving Saint Louis, Missouri. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Saint Louis
Featured Mortgage Lenders
Mortgage Department
First Community Credit Union
First Community Credit Union stands as one of the most highly-rated mortgage lenders in the St. Louis area with exceptional customer satisfaction ratings. As a longstanding local financial institution with deep community roots, they offer personalized service and competitive rates that often outperform larger national banks. Their mortgage team provides comprehensive guidance through the entire home buying process, with special expertise in first-time homebuyer programs and local down payment assistance options. Members consistently praise their responsive communication, streamlined application process, and commitment to finding the right mortgage solution for each borrower's unique situation.
Loan Types:
Mortgage Division
Paramount Bank
Paramount Bank has built an outstanding reputation as a premier St. Louis-based mortgage lender known for their exceptional service and local decision-making authority. As a community-focused bank with strong ties to the St. Louis region, they offer the advantage of working with local loan officers who understand the area's real estate market intimately. Their portfolio lending capability allows for greater flexibility in underwriting, particularly beneficial for self-employed borrowers or those with unique financial situations. Customers frequently highlight the bank's efficiency, competitive rates, and the personalized attention they receive throughout the mortgage process.
Loan Types:
St. Louis Branch
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation maintains an exceptional reputation in the St. Louis metropolitan area with nearly perfect customer ratings and extensive review volume. While a national company, their St. Louis area branches operate with local expertise and have become one of the region's most recommended mortgage lenders. They are particularly noted for their innovative technology platform that streamlines the application process and provides real-time updates to borrowers. The company receives consistent praise for their responsive communication, competitive rate offerings, and ability to close loans quickly. Their wide range of loan products and specialized programs for various borrower profiles make them a top choice for St. Louis homebuyers.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Saint Louis, MO
What are the current average mortgage rates in Saint Louis, MO, and how do they compare to national averages?
Saint Louis mortgage rates typically align closely with national averages, but can be slightly lower due to the region's stable housing market and competitive lending environment. As of recent data, rates in Saint Louis often range between 6.5% and 7% for 30-year fixed loans, but it's crucial to shop local lenders like First Community Credit Union or Stifel Bank for the best terms. Always check current rates as they fluctuate with market conditions.
Are there any special first-time homebuyer programs available specifically in Saint Louis?
Yes, Saint Louis offers several first-time homebuyer programs, including the Missouri Housing Development Commission (MHDC) tax credit, which can reduce federal tax liability, and the City of Saint Louis' Soft Second Program, providing up to $10,000 in down payment assistance. These programs often have income limits and require homebuyer education, so consult with a HUD-approved counseling agency in the area to determine eligibility.
How does Saint Louis' property tax system affect my mortgage payments?
Saint Louis City and County have different property tax rates, with the city generally having higher effective rates (around 1.7%) compared to the county (approximately 1.1%). This difference directly impacts your monthly mortgage payment if escrow is included, so factor this in when comparing homes across these areas. Your lender will help estimate these costs during the pre-approval process based on the specific property location.
What unique closing costs should I expect when getting a mortgage in Saint Louis?
In addition to standard closing costs, Saint Louis homebuyers should budget for Missouri-specific fees like a state mortgage recording tax (approximately $1.65 per $500 of loan amount) and potential city transfer taxes. Saint Louis County also requires a mandatory title insurance endorsement that can add to costs. Work with a local real estate attorney or title company to get a detailed breakdown specific to your transaction.
How do Saint Louis' historic preservation districts affect mortgage lending?
If you're buying in historic districts like Lafayette Square or Soulard, lenders may require additional inspections and certifications for homes with historic designation. Some renovation loans like the FHA 203(k) are popular in these areas to finance updates while preserving historic character. Be prepared for potentially stricter appraisal requirements and consult lenders experienced with Saint Louis' historic properties.
Nearby Cities
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Why Choose a Mortgage Lender in Saint Louis?
Local Market Knowledge
Lenders who understand Saint Louis'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 Saint Louis and get competitive rates on your home loan.