Kansas Mortgage Rates

December 3, 2016 06:38 AM Eastern

Refinance rates now in Wichita, KS [Change this]

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    Home Price (Purchase)
    When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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    Home Value (Refinance)
    This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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    Down Payment
    The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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    Credit Score
    Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.
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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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If you have concerns about mortgage rates or lending practices, you can contact the Office of the State Bank Commissioner of Kansas, which regulates mortgage lenders.

Kansas Mortgage Rates

When you start looking for a home loan in Kansas, keep in mind that mortgage rates can vary between states. The local economy and lending laws affect rates, as does competition among lenders.

 Buying a Home in Kansas

Kansas home prices are appreciating at about the same rate as the rest of the country after declining less than 3% from an all-time high in 2008. Home prices are forecast to gain another 0.64% over the next twelve months.

Buying a home in Kansas is very affordable. For a homebuyer earning $63,200, which is the median household income in the Wichita area, 87% of houses for sale are affordable. The median sale price of a home in Wichita is $134,000.

Closing costs are some of the lowest in the country—$2,193—ranking Kansas 49th among all 50 states and the District of Columbia.

A number of programs to assist homebuyers are also available including the following:

FHA Mortgages

FHA-insured mortgages requiring down payments as low as 3.5% can be an alternative to conventional mortgages. If the home you plan to buy qualifies for FHA-financing, check competitive rates from FHA-approved lenders. In all counties in Kansas, you may be able to borrow up to $271,050 with an FHA loan.

VA Home Loans

VA loans can cover up to 100% of the cost of your home. Most lenders in Kansas cap VA loans without down payments at $417,000.