Letter to Kansas City Home Buyers: National banks are losing local Kansas City mortgage business to local mortgage lenders and banks

Letter to Kansas City Home Buyers: National banks are losing local Kansas City mortgage  business to local mortgage lenders and banks

I feel compelled to advise local homebuyers to think carefully whom they select when applying for a home loan. If you don't think who you choose to get your mortgage loan, read on . . .

Over the years I have referred home buyers to national banks like Bank of America, Wells Fargo, U.S. Bank and so forth. As a real estate team with over 30 years of real estate experience, we have seen another side of the national banks that most mortgage customers don't see.

I addition, we have noticed something alarming the past few months that we have never seen: Getting a loan from even a national bank is often a nightmare and increasingly unachievable for customers with great credit. Many local banks are not much better. We had a home buyer with nearly perfect credit (810 credit scores) and over $100,000 in cash reserves after putting down 20% on his new home. He was confused with the hoops and hurdles he had to go through with many of the national and eventually local banks he applied for a mortgage. This is one of 15 reasons why we have advised Kansas City home buyers in the past few months to steer clear of the many large national banks and local banks as well. The national and local banks have confusing operations, non-accountable representatives, numerous mistakes and delayed closings.

Until recently, if our customers still wanted to use a national or local bank, we still had some regional and local banks to recommend — some who underwrote and serviced their home loans locally — so this was an option for our customers. Up to this past month, we were down to one local bank and one local mortgage company that have consistently performed well for our customers. 

Kansas City home buyers should ask their real estate agent, business associates or friends for mortgage lenders they can recommend. Home buyers still need to make sure they are getting good rates and fees when using a mortgage lender or a local bank. If they choose a reputable one, they can get good rates and significantly increase their odds of actually getting to the closing table.

The Dowell Taggart Team recommends the following two lenders to apply for a mortgage in Kansas City:

Ronnie Yarbrough from the Bank of Kansas City  (913) 579-4939
Offers exceptional zero down first time home buyer programs, physician loans, and great jumbo mortgages. Bank of Kansas City is a local bank that originates and services their own mortgage loans.

Dennis Moser from Prime Mortgage Lending  (913) 481-7212 
Offers great rates on conventional and jumbo mortgages. Prime Mortgage Lending is a mortgage broker.

RE/MAX sells more homes than any other real estate company.

For a reason...should we talk?

Another blog post written by:

Comments are appreciated! Go ahead and add your 2 cents . . .

Checkout our 30 Day Real Estate Listing Program!