Bank Midwest

Bank Midwest is part of Dickinson Financial which also owns: Air Academy National Bank, Armed Forces Bank, and Armed Forces Bank of California. Bank Midwest has branches in Kansas and Missouri. Bank Midwest is the main subsidiary of Dickinson Financial Corporation. They operate in Missouri, eastern Kansas, Kansas City, Springfield, and St. Louis.

Dickinson Financial and Bank Midwest had major growth spurts in 2004. Bank Midwest’s loan portfolio increased by $260 million, or 14.3% in 2004. The largest increase for 2004 was in the commercial real estate category, which grew $170 million, or 13%.

Bank Midwest Mortgage Options

Bank Midwest offers a variety of Home Mortgages and Home Equity Loans. You can submit applications for any of these loans online or in person. Before you apply, Bank Midwest suggests that you do a little research. First, read their loan descriptions online and use their mortgage calculator to evaluate your options. Then, find your rate with Rate Watch. Apply for pre-approval before you find your home to strengthen your negotiating power. Then finally, complete your loan application. Bank Midwest advises you to contact a loan specialist if you have questions at any time during your application process.

Bank Midwest First Time Home Buyers

Bank Midwest has a variety of programs for first time homebuyers. They offer a Conventional Fixed Rate Loan that allows borrowers to get up to 100% of their home’s value. This loan is helpful for first time homebuyers because it makes the transition from renting to homeowning easy. It does not require a down payment, so the only up front money a borrower would need is the closing costs. The 103% Adjustable Rate Mortgage is an alternative to the 100% Fixed Rate Mortgages. It offers borrowers 103% of the value of their home, which means that the down payment and the closing costs are all rolled into the mortgage. This loan is especially helpful for first time homebuyers or low to moderate-income borrowers because it requires no money up front.

Another interesting mortgage that Bank Midwest offers its clients is the 80/20 Mortgage. This mortgage allows borrowers to avoid paying mortgage insurance, but allows them to receive 100% financing for their home purchase. This mortgage is a combination of two mortgages, one for 80% of the home’s value, and one for 20% of the home’s value. This can come as a fixed or adjustable rate loan, or even a combination of both.

Bank Midwest also offers the Home Equity Loan and Home Equity Line of Credit fro homeowners with equity.

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