Kansas Mortgage Rates
Compare Kansas mortgage rates and choose the best option for your needs.
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Purchase
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Today's Mortgage Rates Trends in Kansas
| Product | Rate | 1w change | APR | 1w change |
|---|---|---|---|---|
| 30-year fixed | 7.434 | 3.27% | 7.457 | 3.27% |
| 20-year fixed | 7.197 | 2.36% | 7.226 | 2.35% |
| 15-year fixed | 6.645 | 4.88% | 6.68 | 4.85% |
| 10-year fixed | 6.619 | 3.43% | 6.669 | 3.4% |
| 30-year fixed-rate FHA | 7.106 | 3.56% | 8.227 | 2.97% |
| 30-year fixed-rate VA | 7.117 | 3.4% | 7.359 | 3.33% |
- 30 Year Fixed
- 20 Year Fixed
- 15-Year Fixed
Mortgage in Kansas: Top Lenders in 2023
Willing to buy a home in Kansas State? The easiest way to do so is to use a mortgage loan, which is effective irrespective of what type of property you are searching for – a residential estate or an apartment. However, the home loan terms offered by different mortgage lenders can vary greatly (use our mortgage calculator to estimate your future expenses). In the framework of this guide, we’ll review some of the top-rated lenders and try to find out which ones are worth considering.
KS Mortgage Lenders Comparison
All the lenders reviewed are trustworthy companies with reasonable rates and solid track records. To give you the most detailed information, we’ll compare them by several key criteria – an APR, the minimal down payment, minimal requirements, and so on.
NBKC Bank
NBKC is located in Kansas City, where it was established back in 1999. Its mortgage operations extend through all 50 states plus the District of Columbia. The APR of a 30- or 25-year conventional mortgage is 7.125%, down to 7% for 20 and 6.145% for 15 years. There is also a flat $250 fee that includes all stages of the loan process. Besides conventional mortgages, the bank offers jumbo loans, refinancing, construction (only in Kansas City), FHA and VA loans, as well as an exclusive program for pilots. Clients can choose between fixed and floating rates for conventional mortgages. Eligible clients must show a credit score of at least 620.
| Pros: | Cons: |
|---|---|
| Covers all 50 states and Washington D.C. | Construction loans restricted to Kansas City. |
| Free rate lock-in for 75 days. | USDA loans are not available. |
| Closing cost guarantee. |
Morty, Inc. Mortgage
Not a lender by itself, but a mortgage broker, Morty, Inc. appeared in 2016. It is physically headquartered in New York City, but has close-to-nationwide coverage, with the exception of four states (Hawaii, Massachusetts, Missouri and Nevada).
The available options encompass fixed- and variable-rate conventional and jumbo mortgages, as well as FHA-insured loans. Refinancing is only available for loans originally issued through Morty.
A 30-year fixed-rate mortgage will carry a 6.667% APR. The rates for 20- and 10-year loans are lower, at 6.425% and 5.452% respectively. Morty requires a credit score of at least 600 from the applicants, as well as a DTI ratio less or equal to 45%. The minimum down payment varies depending on property size.
| Pros: | Cons: |
|---|---|
| A closing date guarantee. | No general refinancing. |
| Large partner network. | No VA or USDA plans. |
AmeriSave
AmeriSave has established itself as a nationwide lender since its foundation in 2002. Nonetheless, the lender originates from Georgia. As such, the state always gets some of the most tempting offers. The lender’s credibility is confirmed by its excellent rating given by BBB (A+) and Trustpilot (4.3/5).
The advertised rate of 4.899% requires a FICO score as high as 740 and 20% paid upfront. As usual, your actual rate is likely to exceed what’s advertised. The credit score needed to obtain a conventional loan is 620; government-insured plans are available starting from 600.
| Pros: | Cons: |
|---|---|
| Highly lucrative mortgage rates. | Not all of the lender fees included in the closing costs are transparently disclosed at the lender’s website. |
| Diversity of loan types offered. This includes purchase and refinancing with fixed and adjustable rates, as well as the three main kinds of government-backed loans (FHA, VA and USDA). | |
| Easy and convenient, mobile-friendly application process. |
Average Mortgage Rate in Kansas from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in Kansas.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in Kansas
| Criteria | Amount, $ |
|---|---|
| The median home value in Kansas | $204,645 |
| The income required to buy the median priced home in Kansas | $33,530 |
| The monthly mortgage payment required to buy the median priced home in Kansas | $777 |
| The median household income for Kansas | $68,630 |
Things to Consider When Choosing a Mortgage Lender
A mortgage loan implies undertaking a serious commitment for a term of 15 through 30 years. So you need to think twice before signing an agreement with this or that lender. There are some core aspects to consider when choosing a lending entity.
Type of Lender
Basically, there are two popular options – banks and online mortgage lenders. Banks frequently offer attractive rates but they tend to practice strict credit checks. The approval time is longer, and eligibility criteria are quite hard to comply with. Online lenders work much faster, and their requirements for homebuyers are not too severe.
APR and Fees
Every loan has its cost, and mortgage is no exception. This cost is more than just an interest rate. It also includes extra fees, such as the origination fee, mortgage insurance fee, closing costs, etc. As of writing, for a fix-rated 30-year loan, the average mortgage rate in Kansas is 6.58%.
Terms and Conditions
Here, you need to consider the minimum size of a down payment, which often varies from 0% to 20% depending on the loan type, your current status (military, employed, self-employed, etc.). Another important parameter is the lifespan of the loan, which is its total length. Common options are 15 and 30 years.
What Mortgage Lender is the Number One in Kansas?
The list of reliable KS mortgage lenders is extensive, so it's hard to give an unambiguous answer to this question. Everything depends. For example, one of the industry leaders is Rocket Mortgage with a loan volume of $11.5 billion for the year 2021. To take your pick wisely, check our list of recommended lenders.
First-Time Homebuyer Programs in Kansas
Buying a home for the first time is quite challenging. Happily, residents of Kansas can take advantage of some governmental programs aimed at raising mortgage affordability.
- Federal Housing Administration loan program. In its framework, a buyer gets insurance from the federal government. The fee for this insurance is included in the total cost of the future loan. In return for this, the homebuyer gets some serious benefits: a low interest rate and minimal credit requirements. Thus, his FICO score can be as low as 500, and the debt to income ratio – just 50%.
- USDA loan program. It is oriented toward those living in rural areas. The participants of this program can get a mortgage loan with a zero down payment. However, their annual income must not exceed 115% of the average income in this region.
- VA loan programs. They are insured by the Veteran Affairs Department. This mortgage option is available to former militaries or their spouses.
Pre-Approval: What Does It Mean?
Preliminary approval is a sort of confirmation of a prospective homebuyer’s credibility. It lets home sellers know that lenders are ready to approve a mortgage loan to the buyer. To get a pre-approval one needs to provide documentary evidence of his paying capacity. A typical document set includes earning statements, account statements, a W2 form, or an alternative proof of income for at least 2 years. Additionally, it’s necessary to fill in the Uniform Residential Loan Application form.