The state of Kansas possesses vast plains, rolling hills, and exciting sports teams. The state is the country’s leading producer of wheat, and it is only behind Texas in the production of beef. President Dwight Eisenhower and aviator Amelia Earhart were born in Kansas, and the state is home to incredible fishing and hunting opportunities. Out of the 3 million people who reside in Kansas, many of them will be looking for a mortgage loan. A mortgage allows you to finance the purchase of a new home. Buying a new residence provides you with the opportunity to design the home just like you want, and it gives you a great deal of pride knowing that you are a homeowner. However, before your home purchase can be finalized, you will need a mortgage loan. You need to know how these loans work, so you can find the best mortgage for you.

Kansas Mortgage Rates

The median home price in Kansas stands at about $185,000, which is below the nation’s average. https://www.mlcalc.com/mortgage-rates/kansas/ states that the mortgage rate in Kansas for a 30-year fixed loan is 4.22%. You can get a 15-year fixed loan in Kansas for 3.39%. For an adjustable rate mortgage, the rate for a 5/1 mortgage is 3.49%. If you obtain a 30-year refinance loan, the rate will be 4.25%, and a 15-year refinance loan will carry a rate of 3.38%. The biggest cities in Kansas are Wichita, Overland Park, and Kansas City. The rates in these cities are among the state’s average.

Kansas Mortgage Laws

All lenders in Kansas are required to be licensed by the state. After you are approved for a loan, lenders are required to give you a Truth in Lending document, as well as a Good Faith Estimate. A Truth in Lending statement should inform you of the amount of the loan, the APR, amount financed, total number of payments, and the exact price of the home. The Good Faith Estimate discloses all costs, including closing costs. Lenders are prohibited from discriminating against you because of religion, race, gender, or color. Kansas has laws in place to protect you from unfair and dishonest practices from lenders. If you cannot make your payments, the lender can foreclose on your property after 120 days of default.

Types of Loans in Kansas

You will have the option to choose a fixed rate mortgage or an adjustable rate mortgage. There are more risks involved with an adjustable rate mortgage, as your rate can change, and your monthly payment amount can change. With a fixed rate mortgage, you will pay the same interest rate throughout the life of the mortgage. In addition, you have the option to get an FHA loan, VA loan, USDA loan, or a conventional loan. Both the VA loan and the FHA loan is backed by the federal government. FHA loans are available to anyone, and they require a down payment amount as low as 3.5%. VA loans are available to current and retired military service member, and they require no down payment or closing cost. A USDA loan is designed for people who do not make enough income to qualify for a regular loan.

Looking for a Kansas Mortgage Lender

With the today’s technology, it is easy to search for the best mortgage lender. You can find a mortgage calculator online that will give you an idea of how much you can afford. You can review and compare numerous lenders that offer loans in Kansas, and you can compare the rates of each lender. You will want to find a lender that offers the best rates available. Many lenders allow you to customize your payment plans and will give you flexible options. You can also get pre-approved for a loan, so you will know how much money you can receive.

Applying for a Kansas Mortgage Loan

After you find a lender, it is a good idea to gather the necessary documents that you will need. Make sure you have W2 forms, bank statements, paystubs, and bank account information. You will also need your federal tax returns. After the loan is processed and ready, the lender will schedule a closing.