How to Buy & Finance a Home in Kansas
Buying and financing a home in Kansas is easy with good credit and adequate planning. Hiring a licensed real estate agent sounds like a logical starting point but is actually one of the last things you should do. It's more important to begin by seeking unbiased advice on several home-buying topics. Experts in Kansas are available to offer free advice on choosing an affordable home, repairing your credit if necessary, and securing financing.
Other People Are Reading
Instructions
-
-
1
Seek home buying and financing advice from a government-certified housing counselor in Kansas (see Resources). Counseling agencies such as Housing and Credit Counseling, in Lawrence, are approved by the U.S. Department of Housing and Urban Development. The agencies offer pre- and post-purchase educational workshops. Every aspect of buying a house and securing financing is covered in the workshops.
-
2
Review your credit and score with the help of a housing counselor in Kansas. Authorize the counselor to obtain a copy of your credit report and score to determine if you meet acceptable standards for purchasing a home. Your credit score is a three-digit number ranging from 350 to 850, with a score of 720 representing excellent credit and qualifying you for the best interest rates on financing. Scores below 620 are poor and will result in higher rates. The housing counselor can offer advice on seeking financing based on your credit, debt obligations and available cash for a down payment. Ask the counselor about various mortgage loan programs that you may be eligible for based on your credit. Also ask about interest rates currently being offered by lenders in Kansas.
-
-
3
Shop for pre- or conditional approval on a home loan in Kansas. Pre-approval allows you to shop for your mortgage before choosing a home to buy. The formal loan application process will begin after you sign a contract to purchase a house. Shop for pre-approval on a loan by contacting your bank or credit union in Kansas. Or seek referrals for a local lender from the housing counselor.
-
4
Hire a licensed real estate agent in Kansas as you begin your search for a home.
-
5
Sign a contract to purchase the home and pay any required deposit. Formally apply for a mortgage and close the sale.
-
1
