Lending
Mortgage Loans
Conventional
Got your eyes on that perfect first house, next house or vacation home? Or is it time
to refinance at a lower rate? Look to mobank’s conventional mortgage to make your vision reality.
Our home mortgage services are just what you would expect from mobank – personal attention throughout the process, no questions left unanswered and every detail covered, all from people who really want to see your dreams come true.
When you’re ready to purchase a home, or refinance your existing one, please call Robyn Frye at 816-881-8246. Find out for yourself how different a personal home mortgage experience is at Missouri Bank.
Jumbo Mortgages
To finance a home purchase of $417,100 or more, step up to a jumbo mortgage loan from Missouri
Bank. We can structure the perfect loan for your dream home. Call us at 816-881-8246 to discuss your specific needs.
Mortgage Calculator
Crunching some numbers? Whether considering a new mortgage, changing the length of your loan or
receiving cash from the equity in your house, we can help you identify your goals and find a
solution that works. In the meantime, our mortgage calculator can help you run some numbers.
Mortgage Q&A
First-time buyers
Q: What’s possible?
A: We all have different goals. We’ll qualify your needs, finances and requirements (income and debt)
to determine what you can afford and see if it fits with your comfort level. If you want to run some
numbers for yourself, check out the mortgage calculator for a generic estimate.
Q: Do I need to put money down?
A: Probably. Every situation is different. Some of our loans require little to no money down.
We’ll explore your capabilities and find a loan that works for you. A down payment is only one
consideration. We’ll also need to factor in closing costs and an escrow account for taxes and insurance.
Q: Which loan will work for me?
A: Great question! It’s hard to determine until we discuss your goals. However, there are several factors to consider:
- Length of time in the home
- Amount you can, or want, to put down
- Financing of the closing costs
- Your comfort level
Q: What are the tax benefits of owning a home?
A: Since we all have differing circumstances, we recommend that you consult your tax specialist
to fully answer this question. In most cases, you can deduct the interest you pay on the loan and some of the financing costs, like points.
Q: How does the mortgage process work?
A: We’ve made it simple to alleviate the anxiety that can come with purchasing a home.
Robyn will personally walk you through the process, which starts with a phone call or e-mail to her.
You can also move this ahead by filling out the Application. This will save you time
and give Robyn information that will help her determine which avenue to pursue next.
Q: What happens after the loan is complete?
A: Congratulations! You have a great home AND a mortgage company that continues to work with
you to answer questions that may arise after you move in. We’re always here to help –
call 816-881-8246 or contact Robyn by e-mail.
Questions for Repeat/Experienced Buyers
Q: Life changes; expanding … downsizing … what’s possible for my next home?
A: As your living arrangements change, so do your goals. We’ll revisit your goals, finances and budget and determine what you want and can afford.
Q: Is the process similar for a second home?
A: Home, mountain retreat or beachside condo; since you’re not using money gained
from the sale of your first home, you may want to consider more money down or expect
a larger monthly house payment. We’ll work to find a creative and manageable solution to help you meet your dreams.
Q: What financing options do you have for building a new home?
A: Relax – we’ll make this one component in the building process
that provides a sense of comfort and control. You tell us what you need,
we’ll look at your goals and capabilities and create a loan that works for you.
If you’re working with a builder; just picking out lighting, appliances, etc, a
traditional mortgage will work for you. If you are the builder, you’ll need a
construction loan to pay the subcontractors during the building process.
Questions for Refinancers
Q: When is the best time to refinance?
A: It’s different for everyone and we’ll help you determine if it’s the right
time for you. To have an effect, you need to lower your current mortgage loan
rate by at least 1 percent. Maybe it’s just a matter of changing the length of
your loan or receiving cash from the equity in your house. We’ll help you identify
your goals and find a solution that works for you. Want to get an idea of the
cost now? Run the numbers on our mortgage calculator.
Q: Can I reduce my monthly payment? Can I shorten the loan term? Can I get cash for an upgrade or addition to our home?
A: Possibly; it comes back to your goals and your current financial situation. We’ll help you figure it out.
Q: How much of my equity can I use?
A: We’ll help you identify how much you need and what you can afford to use.
Up to 90percent of the appraised value of your home can be used for improvements,
based on the value of the home and what you currently owe, subject to applicable laws.
Q: What are the costs associated w/ refinancing?
A: Closing costs, points and processing fees can apply. You may have an option of
rolling these into the loan to reduce your out of pocket expense. We’ll help you
determine what solution works best for you.
Q: What if I don’t have much equity in my home?
A: Up to 90 percent loan-to-value (LTV) can be accessed with a new term and rate.
A reappraisal would be required. We’ll work with you to find out if this is your best option.
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