Mid America Mortgage is a full-service mortgage lender based in Addison, Texas. Founded in Cleveland, Ohio, in 1940 as Frank A. Schmidt & Son’s, the company became Mid America Mortgage in 2011 when Jeffrey E. Bode acquired the business and moved it to Texas. Mid America Mortgage is one of several companies that’s part of a family of brands comprising 1st Tribal Lending, Click n' Close Title, Icon Mortgage, Lending Lending, RedRock Mortgage and Schmidt Mortgage.
Today, Mid America Mortgage offers a wide variety of home loans, including fixed-rate mortgages, first-time homebuyer programs and government-backed home loans, including Federal Housing Administration, Veterans Affairs and U.S. Department of Agriculture loans.
|30 year fixed||5.21%||5.13%||+0.08|
|15 year fixed||4.39%||4.32%||+0.07|
|30 yr fixed mtg refi||5.29%||5.22%||+0.07|
|15 yr fixed mtg refi||4.40%||4.31%||+0.09|
|7/1 ARM refi||4.85%||4.82%||+0.03|
|15 yr jumbo fixed mtg refi||3.06%||3.10%||-0.04|
National Mortgage Rates
Regions Served by Mid America Mortgage
Does Mid America Mortgage Operate in My Area?
Mid America Mortgage has a national footprint that stretches from coast to coast. The company originates mortgages in every state (plus the District of Columbia) except Delaware and is even licensed in Puerto Rico. Homebuyers can apply for a mortgage online through the Mid America Mortgage website or visit one of the company’s 56 branch locations scattered across the following states: Alabama, Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Louisiana, Michigan, Missouri, North Carolina, Nevada, Ohio, Oklahoma, Oregon, South Dakota, Tennessee, Texas and Utah.
What Kind of Mortgage Can I Get With Mid America Mortgage?
Fixed-rate mortgage: A fixed-rate mortgage has an interest rate that remains the same for the duration of the loan’s term, meaning the homebuyer’s monthly principal and interest payment remains static. This popular mortgage option is available in 10-, 15-, 20- and 30-year terms at Mid America.
Adjustable-rate mortgage: Unlike a home loan with a fixed interest rate, an adjustable-rate mortgage or ARM is subject to periodic rate changes. ARMs start off with an initial period when the interest rate remains static (usually for five, seven or 10 years), before it is adjusted on a specific schedule. This means your monthly payments will change throughout the term of the mortgage. As a result, ARMs are best for buyers who don't anticipate staying in their homes beyond the initial fixed period.
FHA loan: Backed by the Federal Housing Administration, this mortgage option has more flexible lending requirements than a conventional fixed-rate loan to help first-time homebuyers and those with mediocre credit. Homebuyers can put as little as 3.5% down with an FHA loan, although a lower down payment may result in a higher interest rate and a mortgage insurance premium (private mortgage insurance).
VA loan: Current or former members of the U.S. military or National Guard may be eligible for a Veterans Affairs loan, which can help you purchase a home without a down payment or mortgage insurance. However, qualified homebuyers will have to pay a one-time VA funding fee which can be financed into your loan amount.
USDA loan: This government-back mortgage option offered through the U.S. Department of Agriculture is designed to help low- and moderate-income households purchase homes in rural communities. Like VA loans, a USDA mortgage does not require a downpayment and credit score requirements are less restrictive than conventional mortgages. USDA loans also offer a single upfront mortgage insurance premium which may be financed.
Jumbo loan: For home purchases that require loans that exceed the Federal Housing Finance Agency’s conforming loan limits, homebuyers will need a jumbo loan. In most areas of the country in 2022, loans of $647,200 or more are considered jumbo mortgages. In Alaska, Hawaii and select high-cost areas, a jumbo mortgage is required for loans of $970,800 or more in 2022.
Home improvement loan: If you want to renovate your home, Mid America Mortgage offers 203(k) loans through the Federal Housing Administration. A 203(k) loan allows you to combine the cost of purchasing a home and eligible home improvements into one mortgage.
Refinance loan: Like most mortgage lenders, Mid America also offers refinance options to help current homeowners get a better interest rate, convert home equity into cash or change the term of their mortgage.
What Can You Do Online With Mid America Mortgage?
Mid America allows you to apply for a mortgage online using the company’s Click n’ Close platform. You’ll be required to submit personal information and detail the financial assets that you own. If you prefer to work directly with a mortgage officer, you can find one in your area using the “Find a Local Mortgage Professional” tool on the Mid America website.
Beyond the online application platform and the mortgage officer lookup tool, Mid America also has an online calculator to help you estimate how much your mortgage may be. The tool allows you to toggle between conventional, FHA and VA loans, so that you can see how they compare to each other.
Would You Qualify For a Mortgage From Mid America Mortgage?
While Mid America doesn’t appear to publish the minimum credit score it requires for its loan products, homebuyers typically need a credit score of 620 to qualify for a conventional mortgage. Credit requirements are less stringent for government-backed loans like FHA and USDA mortgages, which are intended in part to help first-time buyers become homeowners. The company says a review of your credit history is part of the underwriting process and that you should be able to show a history of paying your bills on time.
Debt-to-income (DTI) ratio is another metric mortgage lenders consider when reviewing a prospective borrower’s application. DTI ratio measures your monthly debt payments compared to your monthly gross income. There are two elements of a DTI ratio: the front end and back end. While the front end measures how much of your gross monthly income will be devoted to housing costs, the back end calculates how much income is spent on all debt, including credit cards, student loans and mortgage payments.
For conventional mortgages, lenders typically prefer front-end DTI ratios that do not exceed 28% and backend DTI ratios of less than 36%. However, FHA loans can be acquired with a backend DTI ratio of up to 43%.
A down payment is also another determining factor in whether you’ll qualify for a mortgage from Mid America. While VA and USDA mortgages do not require a down payment, most conventional mortgages typically require a minimum down payment of 5%. FHA loans, on the other hand, can be issued with as little as 3.5% down. Mid America also participates in other loan programs specifically geared toward first-time homebuyers that require down payments as low as 3%.
What’s the Process For Getting a Mortgage With Mid America Mortgage?
After finding a home you want to buy, the mortgage process at Mid America begins with the company’s online application. You’ll be asked to provide information about yourself, your income, financial assets, as well as the property you hope to purchase, including its location, price and the size of your down payment. The company says its application process, which takes place on its Click n’ Close platform, can be completed in as little as five minutes. You can also work directly with a mortgage officer in person, if you prefer.
Once your application is submitted, the company will review it and provide you with a loan estimate. Once you accept the loan estimate, an underwriter will vet your loan documents and investigate any errors or inconsistencies. They may submit a list of conditions highlighting problems to be resolved before the loan can close. If the underwriter signs off on your application, they will issue a “clear to close” in about one to three business days. At closing, you’ll sign all of the required paperwork and officially take ownership of the property.
How Mid America Mortgage Stacks Up
Mid America offers a plethora of mortgage products that may appeal to a wide range of buyers. Thecompany has a national footprint, as it operates in nearly every state, plus the District of Columbia and Puerto Rico. However, Mid America is not registered in Delaware, so prospective borrowers there must look elsewhere for a mortgage. Although the company does not offer much detail on its website regarding interest rates and the minimum credit scores or DTI ratios required for a loan, you can easily look up any mortgage officers in your area and work with them directly.
Tips for Navigating the Mortgage Process
- While a real estate agent can help you find and ultimately purchase a new home, a financial advisor can help you make it all work financially. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Setting a budget and sticking to it can help when it comes to getting approved for a loan amount. SmartAsset’s mortgage calculator can help you estimate how much your monthly mortgage payment will be, as well as how much the home will cost you over time.
- Knowing the current interest rate environment and shopping around for the lowest rates can save you lots of money in the long run. Check out our mortgage rate comparison tool to get a sense of current rates.