The Best Mortgage Lenders in Springfield, MO
Compare verified mortgage lenders serving Springfield, Missouri. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Springfield
Featured Mortgage Lenders
Arvest Bank Mortgage
Arvest Bank
Arvest Bank stands as one of Springfield's most trusted mortgage lenders with deep community roots and exceptional customer satisfaction ratings. Their local mortgage team provides personalized service with the backing of a regional banking institution. Known for competitive rates and streamlined processing, Arvest offers the advantage of local underwriting decisions while maintaining comprehensive loan product availability. Their long-standing presence in the Ozarks region ensures they understand local market conditions and provide reliable, face-to-face service throughout the mortgage process.
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Great Southern Bank Mortgage
Great Southern Bank
As a Missouri-based community bank with century-long roots, Great Southern Bank provides exceptional mortgage services with local decision-making authority. Their Springfield mortgage team receives consistently high marks for responsiveness, transparency, and competitive pricing. The bank specializes in construction loans and permanent financing, making them ideal for both purchase and building projects. With their strong capital position and commitment to the Springfield community, they offer stability and reliability that few lenders can match in the region.
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Gateway Mortgage Group
Gateway First Bank
Gateway Mortgage Group (now Gateway First Bank) maintains a strong Springfield presence with a reputation for innovative mortgage solutions and exceptional customer service. Their local loan officers are praised for their expertise in navigating complex financing scenarios and providing competitive rates. The company combines technology-driven efficiency with personalized service, offering a smooth mortgage experience from application to closing. Their specialized loan programs and renovation financing options make them a popular choice for Springfield homebuyers seeking flexible mortgage solutions.
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Frequently Asked Questions
Common questions about mortgage lending in Springfield, MO
What are the current average mortgage rates in Springfield, MO, and how do they compare to national averages?
Mortgage rates in Springfield typically run very close to the national average, often just slightly below due to the area's stable housing market and lower cost of living. As of late 2023, rates for a 30-year fixed mortgage in Springfield were generally in the mid-6% range. It's always wise to compare offers from multiple local lenders, as credit unions like TelComm Credit Union often have competitive pricing.
Are there any first-time homebuyer programs specific to Springfield that can help with a down payment?
Yes, the Missouri Housing Development Commission (MHDC) offers its First Place Loan Program, which is widely used in Springfield and provides competitive interest rates and down payment assistance. Additionally, the City of Springfield offers a Homeownership Assistance Program (HAP) that provides up to $7,500 in down payment and closing cost assistance for eligible buyers purchasing within city limits.
How does the appraisal process work in Springfield's competitive housing market?
In Springfield's active market, appraisals can sometimes come in below the contract price, especially in bidding wars for popular neighborhoods like Rountree or Sequiota. It's crucial to work with a lender who uses appraisers familiar with local market trends and recent comparable sales. Including an appraisal contingency in your offer can protect you if the valuation doesn't meet the purchase price.
What unique closing costs should I expect when getting a mortgage in Springfield, MO?
Beyond standard fees, Springfield homebuyers should budget for Missouri-specific costs, including a state-mandated deed preparation fee and state and local transfer taxes. Greene County recording fees are also required. A unique local consideration is that some older homes may require a sewer scope inspection, as many Springfield properties have clay sewer lines that can be prone to issues.
Are USDA loans a viable option for buying a home in Springfield, given its location in southwest Missouri?
Absolutely. A significant benefit for Springfield homebuyers is that much of the city and its immediate surrounding areas in Greene County are still eligible for USDA Rural Development loans, which offer 100% financing with no down payment. This makes homeownership more accessible, especially for buyers looking in developing suburbs like Republic, Nixa, or Ozark.
Why Choose a Mortgage Lender in Springfield?
Local Market Knowledge
Lenders who understand Springfield'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 Springfield and get competitive rates on your home loan.