May 21, 2022

Simmons Bank Mortgage Review

Simmons Bank was founded in Arkansas in 1903 and can now be found across six states. It offers mortgage products such as conventional and jumbo loans, federal-government-backed loans and state-approved down payment assistance programs.

  • Simmons Bank offers U.S. Department of Agriculture, Veterans Affairs and Federal Housing Administration loans.
  • Rate lock protection is available.
  • Simmons Bank offers options for low-to-moderate borrowers.

  • Simmons Bank operates physical branches in only six states.
  • Loans for low-to-moderate borrowers are only available in select markets.
  • Not all qualification information is available.

Simmons Bank offers a full range of mortgages, including:

  • Conventional loans.
  • Jumbo loans.
  • FHA loans.
  • VA loans.
  • USDA loans.
  • HUD Section 184 Native American loans
  • Adjustable-rate mortgages.
  • Construction loans
  • Balloon loans.
  • Mortgage refinance

Simmons Bank also offers Professional Provider Mortgage, which allows a physician, oral surgeon or dentist who has completed medical or dental school and is in residency, fellowship or in a practice to leverage future income for present-day home purchases.

In addition, their Affordable Advantage Mortgage offers flexible credit terms and low down payments, making homeownership affordable for those who may not qualify for other loan options.

Potential borrowers may start their prequalification online or speak with a mortgage advisor on the phone. To begin, gather essential information such as Social Security number, employment information and estimated income, assets and liabilities. Once a loan application is accepted, borrowers can choose to lock in the quoted interest rate for a set amount of time.

Your down payment might be as low as 5% with Simmons Bank, but the bank does not disclose specific terms and fees for its various mortgage loans.

Simmons Bank does not disclose any information regarding available discounts, such as autopay.

Simmons Bank does not disclose its minimum FICO credit score requirement or a maximum debt-to-income ratio for its mortgage loans. Potential borrowers can visit the website to start the prequalification process or contact a mortgage officer directly.

Simmons Bank does not disclose a minimum qualifying FICO score for its mortgage products.

Simmons Bank operates physical branches in Texas, Oklahoma, Arkansas, Kansas, Missouri and Tennessee.

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

Simmons Bank is not accredited or rated by the Better Business Bureau. The Consumer Financial Protection Bureau received one mortgage-related complaint for Simmons Bank in 2021, and that complaint received a timely response.

To speak to a Simmons Bank customer service representative, call 877-245-1234 or use the website to find direct contact information for a local lender.

Potential borrowers can begin prequalification online and save and return to the application. Once the loan is closed, mortgage information is available online and payments can be made using your Simmons Bank checking or savings account once you enroll in Simmons Bank online banking.

  • People who want to view and estimate loan options online.
  • People who live in a state where Simmons Bank operates.
  • People who are interested in locking in their rate.

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