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Central Bank Mortgage Review: A Modern Home Loan from a 100-Year Old Bank

home loans

Today we’ll review a Midwest-based depository bank that is big on home loans, “Central Bank,” which also operates an online lending division known as “Online Central.”

They’re perhaps best described as a neighborhood bank that has embraced the latest mortgage technology to allow for an up-to-date, digital home loan experience.

So if you’re looking for a banking institution that has been around for a while, which operates the old-fashioned way with regard to values and personal service, they could be a good option.

You’ll also get access to the latest technology too, and perhaps a low rate as well since they say they offer “very competitive” interest rates.

Let’s learn more about them.

Central Bank Fast Facts

  • Direct-to-consumer retail mortgage lender backed by a depository bank
  • Offers home purchase loans, refinances, and home equity products
  • Founded in 1902, headquartered in Jefferson City, Missouri
  • Backed by Central Bancompany, a $16-billion bank holding company
  • Licensed to do business in all 50 states and the District of Columbia
  • Also operates an online lending division called “Online Central”

The Central Bank is a direct-to-consumer retail mortgage lender, meaning they offer home loans both online and in-person via their 140 physical bank branches.

You can get a home purchase loan, a mortgage refinance, or a home equity product such as a HELOC.

Their parent company Central Bancompany was founded more than 100 years ago, and is headquartered in Jefferson City, Missouri.

Those bank branches I mentioned are located throughout the Midwest, from as far west as Colorado all the way east to North Carolina.

Central Bank is a direct seller to Fannie Mae and Freddie Mac, and have fully delegated authority to originate government-backed solutions such as VA and FHA loans.

This means they can make lending decisions quickly in-house, and ideally process your loan faster than their competitors.

How to Apply for a Home Loan with Central Bank

  • You can call, visit a branch, or simply apply directly online
  • They offer a digital mortgage application powered by Blend
  • Allows you to complete most tasks electronically like eSigning and document upload
  • Track your loan progress 24/7 via their online borrower portal

You’ve got several options when it comes to getting a mortgage with Central Bank.

Those who live in the Midwest can visit a physical branch if they choose, and those who prefer to work remotely can either call them up directly or simply visit their website to get the ball rolling.

Regardless of how you make contact, they offer a digital mortgage application powered by fintech company Blend that lets you perform most tasks electronically.

This includes linking your financial accounts, eSigning disclosures, and scanning/uploading any necessary documentation.

Once your loan is submitted, you’ll be able to manage everything online via the borrower portal to ensure you stay in the know.

If you’re purchasing a home, you can also get a pre-approval letter generated to show the listing agent and home sellers that you mean business.

All in all, they make it easy to apply for a mortgage, and pride themselves on employing the most experienced loan officers out there.

Home Loan Programs Offered by Central Bank

  • Home purchase loans
  • Refinance loans: rate and term, streamline, cash out
  • Conventional loans backed by Fannie Mae and Freddie Mac
  • Jumbo loans
  • FHA loans
  • USDA loans
  • VA loans
  • Fixed-rate mortgages: 15-, 20-, and 30-year loan terms available
  • Adjustable-rate mortgages: 5/1 and 7/1 ARMs
  • HELOCs and home equity loans

One perk to using Central Bank is their wide array of available loan programs. Like other lenders, they offer home purchase financing and refinance loans.

But unlike many others, you can also get a home equity loan or home equity line of credit (HELOC), along with anything from a conforming loan backed by Fannie/Freddie to a USDA loan or jumbo home loan.

They lend on all major residential property types, including single-family homes, condos/townhomes, vacation homes, investment properties, and 1-4 unit properties.

Both fixed-rate and adjustable-rate mortgages are available in a variety of different loan terms to suit all needs.

Central Bank Mortgage Rates

While they don’t publicize their mortgage rates on their website for one reason or another, you can often find them on third-party mortgage comparison sites like Zillow or Bankrate.

From what I came across recently, they had some of the lowest mortgage rates listed, perhaps only bettered by one or two other lenders, and just slightly.

In other words, you should be able to land a low rate if you choose to go with Central Bank or Online Central Mortgage.

Additionally, they say they offer home loans without lender fees, so you shouldn’t have to worry about paying a loan origination fee, or additional fees for things like underwriting and processing.

Because they offer the latest mortgage technology, they’re able to pass along the savings from a streamlined process onto you.

But as always, be sure to put in the time to shop around to ensure there isn’t a better deal out there from a competing bank or lender.

Central Bank Mortgage Reviews

On Zillow, Central Trust has a perfect 5-star rating out of a possible 5 from more than 400 customer reviews.

I can’t recall seeing a perfect score for any lender on Zillow before, so that’s certainly an achievement, especially since they’ve got so many reviews.

You can also see individual loan officer reviews via Zillow, which are worth checking out if you want to get paired with someone really highly-rated.

Over at Bankrate, they also have a perfect 5-star rating from 50 customer reviews, with 100% of reviews saying they’d recommend this lender.

And on Google, they’ve got a similarly strong 4.7-star rating from 33 customer reviews.

Lastly, while the company itself isn’t Better Business Bureau accredited, they do currently hold an ‘A’ rating based on customer complaint history.

In summary, Central Bank and Online Central (their online division) both come highly-rated and offer the latest mortgage technology to make getting a home loan easy.

Additionally, they appear to offer competitive mortgage rates without lender fees, and employ seasoned loan officers who seem to know what they’re doing.

As such, they could be a suitable choice for both new home buyers and existing homeowners looking to refinance to a lower rate or tap into their equity.

Central Bank Pros and Cons

The Good

  • Offer a digital mortgage experience powered by Blend
  • Can also apply in-person at a local branch if you prefer
  • More than 140 physical branch locations nationwide
  • Say they offer competitive mortgage rates with no lender fees
  • Lots of loan programs to choose from including HELOCs
  • Excellent customer reviews from past customers
  • Free mortgage calculators and home buyer guides online
  • They service their loans

The Perhaps Not

  • Do not list mortgage rates on their website

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