Kansas is the most centrally located state in the country. Kansas produces the most wheat of any state in America. This great state also boasts some of the most flat topography of any state, which makes it an ideal place to farm. In addition, Kansas is home to some of the nation’s greatest educational institutions and great, moderately temperate weather. Kansas is also home to the headquarters of some of America’s largest and most successful corporations. With all of these impressively success-driven factors, why are individuals in Kansas still struggling to pay their mortgages each month? The fact of the matter is that with the increasing demand for housing in this state, and in the country as a whole, housing costs are going up exponentially. Housing can be made more affordable, however, by securing a loan for your existing home that takes advantage of the new and creative loan packages available today as well as interest rates that are potentially lower. This process is called refinancing, and its purpose is to save you money each month and allow you to use your hard-earned equity for a responsible investment.
Quick Kansas Housing Facts:
- Percent of homeowners in Kansas: 69.2%
- Percent of renters in Kansas: 30.8%
- Median annual income in Kansas: $43,914
- Average credit score in Kansas: 682
- Best Kansas city to live in: Overland Park, KS
- Median Kansas home value: $83,500
When to Refinance in Kansas
It is very important to understand why refinancing must be approached responsibly. First of all, many homeowners foolishly invest the equity for which they have worked five, ten, or even twenty years to accumulate. One does not want to simply waste the money that is liberated by refinancing. It should be invested in something that will pay off in the long-term; otherwise, there is no real point to refinancing. Also, in order to maximize your savings, be sure to verify that rates have been 1.5% less than what you have been paying consistently. If they are higher than 1.5%, refinancing may have to wait. Finally, it is very important to make sure that you do not have any large penalties for paying your existing mortgage off early. This is one of those hidden costs that many potential candidates for refinancing oftentimes overlook, and they end up having to pay a lot of money.
How much house can I afford in Kansas
One of the biggest problems facing Kansas homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. A couple of other things you might want to consider is how much can you afford to pay each month and make sure to include home owner’s insurance, Kansas property taxes, and your monthly mortgage payment.
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