Kansas Mortgage

Kansas Mortgage: Buying a Home in Kansas

The movie "The Wizard of Oz" has made a long-lasting impression in the minds of Americans, when Judy Garland uttered those five small words: "We're not in Kansas anymore." So what happens when you are in Kansas and you want to buy a home? There are a variety of options to investigate as you begin your search for the perfect home and mortgage in Kansas. While it has traditionally been thought of as a sleepy, Midwestern farm state, Kansas has been growing in population and is becoming an increasingly popular place to buy a home. The state has roughly 2.7 million residents, and about 69 percent of them own a home, with a median house price of $83,500.

Credit Scores Matter

Just as with buying a home in any other state, your credit score is important when you buy a home in Kansas. Your credit score is often one of the more important determining factors when negotiating interest rates on your mortgage loan, and the more solid your score is, the better deal you will be able to settle. The national average credit score is 677, but in Kansas it is a few points higher, resting stably at 682. Although many factors contribute to your home buying experience, your credit score is a key player in decision making and has an effect on the final outcome of your mortgage conditions. For this reason, it is important to do everything in your power to maintain good credit.

What You Can Get For Your Money

Cost of living is also a factor to consider when buying a home. Some cites are more expensive to live in than others, and some retain and even improve their property value better than others. These are worth exploring, because you ultimately want to get the best deal for your money and for your needs. For example, the average selling price in 2005 for a home in Lawrence, Kansas, was just over $237, 000, while the average selling price for a home in Wichita, Kansas, was just about $151, 000. While these are both great cities to live in, because it is more expensive to live in Lawrence than Wichita, chances are you get less property for the same amount of money.

Resources

To get the best mortgage rate, you really need to research all of your options and do your homework. There are many companies to choose from, and the internet has even made it increasingly easier to do so. By assessing your needs, and comparing them to what different mortgage lenders can provide, you can begin to identify what kind of mortgage loan is best for you. The state of Kansas offers a variety of programs to help its residents earn mortgages and purchase their own homes. The Kansas Housing Resources Corporation (KHRC) is an especially useful resource. The KHRC helps to increase opportunities to buy homes in Kansas, as well as provide aid to low-income families.