If you are considering buying a home, it’s a good idea to understand what it takes to get a home loan in Kansas City before house hunting. Buying your own home is one of the most important financial decisions you will make in your life. Saving for a down payment, reviewing your credit report, gathering financial documents, and researching payment and loan options can make choosing a home in Kansas City easier.
Establishing a monthly budget will help you save enough money for a down payment. Depending on your lender and the type of mortgage you choose, you may be required to have a down payment ranging from 3.5% to 20% of the home’s total sale price. Some loan programs, such as Veteran’s Affairs loans and United States Department of Agriculture loans, may allow a borrower to use up to 100% financing in certain cases.
Having a good credit score puts you in a position to attract the best deal on your mortgage. Before you apply for a home loan in Kansas City, obtain a copy of your credit report. This will show you what your credit profile looks like and allow you to clean up any discrepancies or outstanding debt before sitting down with your lender.
Use a mortgage calculator to find out what kind of monthly payment your budget can handle. Remember to add any extra costs so you can accurately calculate your payments including:
Calculating your monthly payment is important because it gives you an idea of how much home you can afford without putting a strain on your finances.
When you apply for a home loan in Kansas City, your lender will need many different kinds of paperwork from you. Some of the most important documents to have ready for your lender are:
Having these documents readily available before applying for a home loan will help accelerate the process of your loan application.
Homebuyers need to review the most common types of mortgage programs in order to make sure they are getting the best loan for their circumstances. The best way to accomplish this is to find a trustworthy loan officer who will listen to your needs and understand your unique situation. Using a mortgage professional can provide insight into the most appropriate home loan in Kansas City for you.
At Cornerstone, we can help you secure your home loan in Kansas City so your closing process goes smoothly. We will analyze your information and find the best mortgage for you, based your income, credit history and other factors.
Putting a home into a trust may seem like an option reserved for older homeowners who have paid off their mortgage and have accumulated an estate, including assets such as a home, motor vehicles, various investments, boats, rental properties, furniture and even a vacation home. However, having a home that’s owned outright is not necessary […]
The start of a new year is often seen as the time to make major changes in life. While many people resolve to start hitting the gym, losing weight, reading more, or making a career change, others may decide to buy a new home in the coming months. That’s a great goal, one that can […]
Buying a home is one of the most exciting events in a person’s life. A new home can mean a new direction, a major step forward, the beginning of a family or just a fun opportunity to live in a new state, city or neighborhood. It’s also a complex task that involves several important steps. […]
