Are you considering Mid America Bank for a purchase or mortgage refinancing loan? How does Mid America Bank compare to the best mortgage lenders for interest rates and fees? The fees you pay on your next home loan make or break the deal you’re getting no matter how low the rate. Here’s my unbiased review of Mid America Bank services, interest rates and fees.
Mid America Bank
Mid America Bank is a full-service bank with branches servicing central Missouri.
Should you trust Mid America Bank with your next home loan?
Mid America Bank Profile
Mid America bank opened its doors in 1914 as Peoples Bank of St. Thomas. In 1951 the name changed to Meta State bank, and then in 1978 they became Mid America Bank. The bank has five branches located in Wardsville, Meta, Holts Summit, Linn and Belle Missouri.
They are a full-service bank offering accounts for individuals and businesses, including online banking. I normally don’t recommend individual banks thanks to a loop-hole in the Real Estate Settlement Procedures Act (RESPA) that protects homeowners from predatory lending practices; however, this is a popular Missouri lender that warrants a review.
Mid America Bank Contact Information
Branch Mailing Addresses:
1511 Friendship Road
Jefferson City, MO 65101
P.O. Box 187
Meta, MO 65058
Holts Summit Branch
P.O. Box 424
Holts Summit, MO 65043
P.O. Box 649
Linn, MO 65051
P.O. Box 727
Belle, MO 65013
Mid America Bank Review
Mid America Bank’s online presence includes online-banking; however, the website looks like it was designed by a high school student in 1998. Mortgage rates and fees are not published on the website; however, there is a pdf download of the home loan application.
They do not disclose the origination fee or closing costs on the website. The problem with taking out a purchase or mortgage refinance loan from a bank, (any bank) is that they are exempt from RESPA and are only required to provide an Annual Percentage Rate (APR) based on a Good Faith Estimate of fees.
The bank isn’t required to disclose any markup of their mortgage rates or certain risk-based fees. They only way to find out if interest rates and closing costs are competitive with other top mortgage lenders like Amerisave and Navy Federal Credit Union is to shop carefully comparing purchase or refinance rates and fees.
You can learn more about getting the best deal for your next home loan without paying unnecessary discount points or junk fees by checking out my free Underground Mortgage Videos.