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First Federal Bank of Kansas City Mortgage Review 2021

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First Federal Bank of Kansas City is a community bank headquartered in Kansas City, Mo. The company was founded in 1934 and offers a wide range of banking services and products, including checking and savings accounts, CDs, retirement accounts and home loans.

Pros and cons of a First Federal Bank of Kansas City mortgage

Pros

  • Offers a HELOC allowing borrowers to tap equity up to 90% of their home’s value (most HELOC lenders limit you to 85%)
  • Offers an affordable housing loan with no down payment and closing costs assistance

Cons

  • Has limited branch locations in Missouri only
  • Doesn’t offer USDA loans or home equity loans
  • Doesn’t provide detailed information about minimum mortgage requirements

Working with First Federal Bank of Kansas City

First Federal Bank of Kansas City offers mortgages in all 50 states. In 2019, the lender originated more than $791 million in mortgage loans, according to data from the Home Mortgage Disclosure Act (HMDA).

First Federal Bank of Kansas City mortgage borrowing requirements

First Federal Bank of Kansas City doesn’t list the minimum guidelines for a mortgage on its website or what types of properties are acceptable.

First Federal Bank of Kansas City mortgage products

Purchase

  • Conventional loans. First Federal Bank of Kansas City offers fixed-rate conventional mortgages, which provide a stable monthly payment. Its terms range from 15 to 30 years.
  • Adjustable-rate mortgages (ARMs). Borrowers may get a lower rate for a set time period by choosing an ARM loan. However, after that initial rate expires, the rate adjusts for the remainder of the loan term.
  • FHA loans. Buyers who qualify for a loan backed by the Federal Housing Administration (FHA) can purchase a home with as little as a 3.5% down payment. Choose from fixed-rate terms of 15, 20 or 30 years.
  • VA loans. Eligible military borrowers can apply for a loan guaranteed by the U.S. Department of Veterans Affairs (VA). No down payment or mortgage insurance is required on most VA loans.
  • Construction loans. First Federal Bank of Kansas City offers construction-to-permanent loans, which finance the cost of building a new home. You’ll pay just one set of closing costs, and the loan’s rate can be locked before the project begins. The loan automatically converts to a permanent mortgage loan once construction is complete.

Refinance

  • Rate-and-term refinance loans. Homeowners can replace their current mortgage with a lower-rate home loan, or pick a shorter term to pay their mortgage off faster.
  • Cash-out refinance loans. Borrowers can tap the equity from their home to make home improvements or consolidate high-interest debt.

Home equity

  • Home equity lines of credit (HELOCs). Home equity lines of credit allow borrowers to use their equity when they need it and only make payments on the borrowed amount. Qualified HELOC borrowers can take out up to 90% of their home’s value.

First Federal Bank of Kansas City special mortgage programs

Better Together Home Loan Programs. For first-time homebuyers in the Kansas City metro area, this program requires only a 3% down payment and includes a one-time grant of up to $3,000 that you can use toward closing costs including mortgage points for a lower rate.

The mortgage application process

  • How to apply. Customers can apply online or by phone at 816-241-7800. You can also email [email protected].
  • Disclosure process. Lenders are required to provide a loan estimate within three business days of receiving your application. You’ll typically sign the disclosures electronically and provide documentation, such as pay stubs and bank statements, to the loan officer.
  • Submitting loan for approval. A member of the First Federal Bank of Kansas City mortgage team is available to help with questions about the loan process and loan programs. They may contact you with additional questions or paperwork requests before the loan is submitted for final approval.
  • Final approval. An underwriter will confirm the loan meets its lending guidelines. If an appraisal is required, it will be reviewed along with title work to ensure you can take ownership of the home without any prior claims.
  • Closing. You’ll receive a closing disclosure at least three business days before closing. Check to make sure the costs and final terms are what you agreed to.
  • Servicing. First Federal Bank of Kansas City services its own loans. In 2019, its mortgage servicing volume was more than $1 billion, according to its website.

Communication during the process

First Federal Bank of Kansas City customers work with a loan officer to discuss loan details, or for guidance through the approval process.

  • Customers who want to apply for a new mortgage can call 816-241-7800 or complete an online contact form.
  • Existing First Federal Bank of Kansas City customers can call 816-245-4203, Monday through Friday, from 9 a.m. to 4:30 p.m. CT, or email [email protected].
 

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