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There’s no place like home, and your new one could be in Kansas. It’s a smart move to look at Kansas mortgage rates before you buy. Take a gander at your finances from a lender’s point of view, too: what will they see when they investigate your income, debt-to-income ratio, credit score, and size of down payment?
To get the best mortgage rate in Kansas, be a good credit risk. Check your credit report for errors, get your income and asset documents lined up, and apply for preapproval before you begin searching for a house that will stand up to sudden changes in weather.
Here’s a quick look at current Kansas mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.572%||6.683%||+0.14%|
|Conventional 20 year fixed||6.275%||6.418%||Unchanged|
|Conventional 15 year fixed||5.755%||5.943%||+0.29%|
|Conventional 7 year ARM||5.75%||5.518%||Unchanged|
|Conventional 5 year ARM||5.794%||5.533%||+0.1%|
|FHA 30 year fixed||5.75%||6.639%||Unchanged|
|VA 30 year fixed||5.867%||5.986%||-0.01%|
Kansas is a great place to live, with wonderful schools and plenty of family-friendly communities. The sunflower state can be just as cheerful as it sounds!
Kansas’s population is just under 3 million people, and a little fewer than one in three live in the state’s top five cities:
House hunting in Kansas brings to light the happy surprise that home buying can be affordable across the state. Kansas ranks 48th in US homes for sale at average price, and 44th for homes over $1,000,000. Get preapproved first, and demystify your budget so you can shop with confidence.
A worried first-time home buyer can get peace of mind with a program administered by the Kansas Housing Resources Corporation (KHRC).
KHRC offers a down payment assistance benefit called the First-Time Homebuyer Program. This can help you cover between 15 percent and 20 percent of the home’s purchase price, depending on your income.
The First-Time Homebuyer Program is in the form of a second loan with no monthly payments, which can be forgiven in full after you live in the home for at least 10 years. Best of all, there is no minimum credit score, although you have to be able to get approved for a conventional loan financing 80%, and will need to contribute 2% of the purchase price with your own funds.
You might see lower Kansas mortgage rates and think it is time to refinance your home right away. You can do any of the following:
If you’re hoping for a streamlined refinance, you’ll need to confirm you have the right type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.