KS StateBank Mortgage Review 2022
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The bottom line:
KS StateBank doesn't disappoint when it comes to a wide selection of loan products. Mortgage rates are competitive, and online services are among the best.
Pros & Cons
- The full loan product selection typical of a bank.
- Its Hero Program waives loan origination fees for educators, veterans, firefighters and police.
- Serves 49 states (not New York) and Washington, D.C.
- Face-to-face service available only in Arizona, Kansas and Minnesota.
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KS StateBank at a glance
KS StateBank is a top choice for home loans because of its ample selection of mortgage products and online convenience. The lender shines when it comes to competitive interest rates and reasonable fees.
Here's a breakdown of KS StateBank’s overall score:
Variety of loan types: 5 of 5 stars.
Ease of application: 5 of 5 stars.
Rates and fees: 5 of 5 stars.
Rate transparency: 3 of 5 stars.
KS StateBank mortgage loan types
While it's true that much of its loan business comes from the heart of the nation, particularly from the Kansas City metro area, KS StateBank’s home loan influence is far-flung, with sizable market shares in communities across the country.
Lenders that hold customer deposits, like banks and credit unions, usually have the most extensive assortment of loan products. That capital allows lenders like KS StateBank to do things most nonbank mortgage companies can't, like home equity loans.
KS StateBank specializes in loans backed by the Department of Veterans Affairs. It's the bulk of its loan volume, with VA loans accounting for nearly 55% of business in 2020. VA loans are famous for requiring no down payment, and KS StateBank honors that 0% down policy even on homes in high-property-value areas for military-connected borrowers with full VA entitlements.
The lineup of home loans includes:
Fixed and adjustable-rate mortgages.
FHA, VA and USDA loans.
First-time home buyer programs.
Mortgages for self-employed borrowers.
Vacation and second home loans.
FHA 203(k) renovation loans.
KS StateBank has also expanded into bank statement lending for borrowers who don't have W-2s or whose tax returns might not reflect their total financial picture. It's also a significant benefit for foreign nationals buying in the U.S.
What you won't find on the list of loans: energy-efficient, co-op or manufactured housing loans. KS StateBank doesn't offer reverse mortgages, either.
Teachers, first-responders and military-connected borrowers can take advantage of the Hero Program, which waives KS StateBank's origination charge.
The lender also offers home equity loans and a home equity line of credit, or HELOC. These second mortgages are one way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.
KS StateBank ease of application
To apply, you’ll have to create an account first. Then you can choose to fill out a mortgage application available from the bank's website through a link associated with a loan officer's name, or you can fill out a general application to initiate contact. Online convenience includes document uploads, loan process updates and tracking. The entire process is guided by a loan officer.
An available mobile app performs banking functions but doesn't have mortgage loan capabilities. You’ll have to use the lender’s website to apply for a home loan or to monitor your loan’s progress.
KS StateBank mortgage rates and fees
One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. To provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:
KS StateBank earns 4 of 5 stars for average origination fee.
KS StateBank earns 5 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.
Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.
You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.
Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.
» MORE: 'Should I buy points?' calculator
KS StateBank mortgage rate transparency
KS StateBank doesn't publish a page of national rates; you'll need to fill out a short form to see purchase and refinance rates. After providing some limited information, you see rates that are relevant to your situation, but keep in mind they are still just estimates. You won’t get your actual rate until you apply and are approved for a home loan.
However, we couldn't find information on the results page to see how interest rates were determined. For example, one item commonly found in the fine print is an assumed debt-to-income ratio, an important detail that goes into calculating an interest rate.
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).