Kansas Mortgage Rates
Compare Kansas mortgage rates and choose the best option for your needs.
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- 0% Down VA Loans for Veterans & Military
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- Competitively low VA rates, no PMI required
- Over 300,000 verified 5-star reviews
- Minimum 620 credit score needed to prequalify
- 0% down USDA loan for rural homebuyers
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Mortgage in Kansas: Top Lenders in 2024
Planning to buy a home in Kansas State? One of the most convenient ways to achieve this goal is by obtaining a mortgage loan, which can be used for various property types, including residential estates and apartments. 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 we have reviewed are reputable companies with solid track records and competitive rates. To provide you with comprehensive information, we will compare them based on several key criteria, including the Annual Percentage Rate (APR), the minimum down payment required, and the minimum requirements for borrowers. By considering these factors, you can make a well-informed decision and choose the lender that best suits your needs and financial circumstances.
NBKC Bank
NBKC, established in 1999 in Kansas, is a mortgage lender serving all 50 states and the District of Columbia. With competitive rates and a wide range of mortgage options, NBKC provides flexible solutions to borrowers. For conventional mortgages, the APR varies based on the loan term, ranging from 7.125% for 30- or 25-year loans, 7% for 20-year loans, to 6.145% for 15-year loans. There is a flat $250 fee that covers all stages of the loan process.
In addition to conventional mortgages, NBKC offers jumbo loans, refinancing, construction loans, FHA and VA loans, and an exclusive program for pilots. Borrowers can choose between fixed and floating rates for conventional mortgages, providing options to meet their specific needs. To be eligible, applicants must have a minimum credit score of 620. With its extensive mortgage offerings and a focus on customer service, NBKC is a reliable option for borrowers seeking a mortgage in Kansas and beyond.
| Pros: | Cons: |
|---|---|
| Wide range of mortgage options. NBKC offers various mortgage programs, including conventional, jumbo, FHA, VA, and construction loans, allowing borrowers to find the right option that suits their needs. | Limited construction loan availability. Construction loans are only available for properties in Kansas, which may restrict options for borrowers outside of this area. |
| Competitive rates. NBKC provides reasonable rates for different loan terms, which can help borrowers secure an affordable mortgage. | Minimum credit score requirement. NBKC requires a minimum credit score of 620, which may pose a challenge for borrowers with lower credit scores. |
| Transparent fee structure. The flat $250 fee covers all stages of the loan process, providing clarity and simplifying the cost calculation for borrowers. | |
| National coverage. NBKC operates in all 50 states and the District of Columbia, making it accessible to borrowers across the country. | |
| Exclusive program for pilots. NBKC offers a specialized program for pilots, recognizing the unique financial needs of this profession. |
Morty, Inc. Mortgage
Not a lender by itself, but a mortgage broker, Morty, Inc. appeared in 2016. Based in New York City, Morty, Inc. offers its services nationwide, except in Hawaii, Massachusetts, Missouri, and Nevada.
Morty provides a range of mortgage options, including fixed- and variable-rate conventional and jumbo mortgages, as well as FHA-insured loans. However, refinancing is only available for loans originally issued through Morty.
For a 30-year fixed-rate mortgage, the APR is 6.667%. Shorter-term loans have lower rates, with 20-year loans at 6.425% and 10-year loans at 5.452%. To be eligible for a mortgage through Morty, applicants must have a minimum credit score of 600 and a maximum debt-to-income ratio (DTI) of 45%. The minimum down payment requirement varies depending on the size of the property.
| Pros: | Cons: |
|---|---|
| Nationwide Coverage. Morty, Inc. operates close to nationwide, including Kansas. This means you can access their mortgage brokerage services regardless of your location within the state. | Limited Availability for Refinancing. Morty's refinancing options are only available for loans originally issued through their platform. If you have an existing mortgage from a different lender, you may not be able to refinance through Morty. |
| Mortgage Options. Morty offers a variety of mortgage options, including fixed-rate and variable-rate conventional mortgages, jumbo mortgages, and FHA-insured loans. This allows borrowers to choose the option that best suits their needs and financial situation. | Exclusion from Some States: While Morty has close-to-nationwide coverage, it is not available in certain states, including Hawaii, Massachusetts, Missouri, and Nevada. If you reside in one of these states, you won't be able to use Morty's services. |
| Streamlined Process. As a mortgage broker, Morty acts as an intermediary between borrowers and lenders, simplifying the mortgage application and approval process. They can help you navigate through the different loan options and connect you with suitable lenders. | Credit Score and DTI Requirements. Morty requires a minimum credit score of 600 and a maximum DTI ratio of 45% for mortgage applicants. If you don't meet these criteria, you may not be eligible for a mortgage through Morty. |
AmeriSave
AmeriSave , founded in 2002, has established itself as a prominent nationwide lender. While originating from Georgia, the company offers enticing mortgage deals, including Kansas. AmeriSave has earned a strong reputation, reflected in its excellent ratings from BBB (A+) and Trustpilot (4.3/5).
The advertised rate of 4.899% is based on a FICO score requirement of 740 and a 20% down payment. It's important to note that your actual rate may be higher than the advertised rate. For conventional loans, a credit score of 620 is typically needed, while government-insured plans are available for borrowers with a minimum credit score of 600.
| Pros: | Cons: |
|---|---|
| Nationwide presence. AmeriSave operates across the entire country, including Kansas, providing borrowers with access to their mortgage products and services. | Advertised rate may not apply to everyone. The advertised rate of 4.899% typically requires a high FICO score of 740 and a 20% down payment. Borrowers with lower credit scores or smaller down payments may receive different rates, potentially higher than the advertised rate. |
| Tempting offers. As AmeriSave originates from Georgia, Kansas residents may benefit from some of the most enticing mortgage offers available, potentially providing favorable terms and rates. | Potential for higher rates. While AmeriSave offers competitive rates, borrowers should be aware that their actual mortgage rate may be higher than the advertised rate, depending on various factors such as creditworthiness and loan terms. |
| Credibility and reputation. AmeriSave has earned an excellent rating from BBB (A+) and positive customer reviews on Trustpilot (4.3/5), indicating their credibility and commitment to customer satisfaction. | Credit score requirements. Conventional loans through AmeriSave generally require a credit score of 620 or higher. While government-insured plans are available for borrowers with a credit score as low as 600, those with lower credit scores may face more limited options or higher rates. |
| Wide range of loan options. AmeriSave offers various mortgage options, including conventional loans and government-insured plans, allowing borrowers to choose the type that best suits their needs. |
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
Securing a mortgage loan entails a significant long-term commitment spanning from 15 to 30 years. Therefore, it is crucial to carefully consider your options before entering into an agreement with a particular lender. There are key factors to take into account when selecting a lending institution.
Type of Lender
In general, there are two main options to consider when seeking a mortgage: traditional banks and online mortgage lenders. Banks often provide competitive interest rates, but they typically have stricter credit requirements. The approval process can be lengthy, and meeting their eligibility criteria can be challenging. On the other hand, online lenders offer faster processing times and have more relaxed requirements for homebuyers.
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
When obtaining a mortgage, it's crucial to consider the minimum down payment required. This amount can range from 0% to 20% depending on various factors such as the loan type and your current status (e.g., military, employed, self-employed, etc.). Additionally, you should take into account the lifespan or total length of the loan. The most common options are 15 and 30 years, each with its own implications and considerations.
What Mortgage Lender is the Number One in Kansas?
The list of reputable mortgage lenders in Kansas is extensive, making it challenging to provide a definitive answer to this question. The choice ultimately depends on your specific needs and preferences. One prominent industry leader to consider is Rocket Mortgage, which had a loan volume of $11.5 billion in 2021. To make an informed decision, it's advisable to consult a list of recommended lenders and carefully evaluate their offerings.
First-Time Homebuyer Programs in Kansas
First-time homebuyers in Kansas face various challenges, but fortunately, there are government programs aimed at enhancing mortgage affordability in the state.
- Federal Housing Administration (FHA) loan program: This program provides insurance from the federal government to buyers. The insurance fee is included in the total loan cost. In exchange, homebuyers enjoy benefits such as a low interest rate and minimal credit requirements. With an FHA loan, individuals with a FICO score as low as 500 and a debt-to-income ratio of 50% can still qualify.
- USDA loan program: Designed for residents in rural areas, this program offers mortgage loans with a zero down payment requirement. However, participants must ensure their annual income does not exceed 115% of the average income in their region.
- VA loan programs: Insured by the Department of Veteran Affairs, these mortgage options are available to former military personnel and their spouses. Veterans can take advantage of favorable loan terms and benefits through these programs.
Pre-Approval: What Does It Mean?
Preliminary approval serves as confirmation of a prospective homebuyer's credibility and signals to home sellers that lenders are prepared to approve a mortgage loan for the buyer. To obtain a pre-approval, individuals must provide documentary evidence of their financial capacity. This typically includes earning statements, account statements, a W2 form, or alternative proof of income for a minimum of two years. Additionally, filling out the Uniform Residential Loan Application form is necessary to initiate the pre-approval process.