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Kansas, as big as you think!

Home Mortgage Rates in Kansas

Full Moon Over Kansas City.

After the housing market crash of 2008, mortgage rates fluctuated wildly across the country. People lost their homes when the rates inflated, but once they stabilized, Kansas still came out as one of the best places to buy a home.

Median Home Prices In America

Currently the average home price across the nation is over $260,000, but that includes homes in large cities and high-profile areas. Kansas, on the other hand, offers the benefit of having cities, towns and rural areas, all within a short drive of each other. It is the quintessiantially American state, with something for everyone.

For example, house prices for a single family home in Kansas versus the rest of the country (excluding large cities):

  • Kansas: $185,488
  • New York: $508,978
  • Massachusetts: $447,702
  • Utah: $344,279
  • Nevada: $285,751
  • West Virginia: $198,754
  • South Dakota: $221,862
  • Tennessee: $232,159

Median Mortgage Rates in America

Mortgage rates in Kansas are favorable as well. Compared to the states above, Kansas ranks as one of the least expensive places in the United State to finance a home.

Average mortgage rates based on 30-year financing.

  • Kansas: 4.8%
  • New York: 5.42%
  • Massachusetts: 5.41%
  • Utah: 4.9%
  • Nevada: 5.66%
  • West Virginia: 4.75%
  • South Dakota: 5.49%
  • Tennessee: 5%

Buying a Home in Kansas

Metropolitan Areas

KS Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 30 Kansas City, MO-KS Metro Area 2,104,509 2,009,342 95,167 4.74%
2 87 Wichita 644,672 630,919 13,753 2.18%
3 194 Topeka 233,068 233,870 -802 -0.34%
4 322 St. Joseph, MO-KS Metro Area 126,565 127,329 -764 -0.60%
5 338 Lawrence 119,440 110,826 8,614 7.77%
6 395 Manhattan 97,004 92,719 4,285 4.62%
7 513 Hutchinson 63,220 64,511 -1,291 -2.00%
8 519 Salina 61,062 61,697 -635 -1.03%
9 685 Garden City 40,639 40,753 -114 -0.28%
10 705 Pittsburg 39,164 39,134 30 0.08%
11 756 Arkansas City-Winfield 35,753 36,311 -558 -1.54%
12 757 Junction City 35,586 34,362 1,224 3.56%
13 776 Dodge City 33,971 33,848 123 0.36%
14 779 Emporia 33,510 33,690 -180 -0.53%
15 790 Coffeyville 32,746 35,471 -2,725 -7.68%
16 824 Hays 28,893 28,452 441 1.55%
17 826 McPherson 28,804 29,180 -376 -1.29%
18 846 Great Bend 26,775 27,674 -899 -3.25%
19 861 Ottawa 25,560 25,992 -432 -1.66%
20 882 Liberal 22,709 22,952 -243 -1.06%
21 902 Parsons 20,444 21,607 -1,163 -5.38%
22 924 Atchison 16,380 16,924 -544 -3.21%

Wichita Skyline.

The largest cities in Kansas are Wichita, Overland Park, Kansas City, Olathe, Topeka, and Lawrence.

Lenexa, Kansas has been listed as one of the best places to live in the United States. The median family income in Lenexa is $104,351, crime is lower than other areas of the country, and the educational scores in math and reading are over 12% higher than in other parts of the country.

Kansas City.

The town of Olathe, population 118,000, had a job growth through the first decade of the century of 34.36%, with over 77% of jobs available in the service industries.

Downtown Lawrence, Kansas Skyline.

Lawrence is a college town, home to the University of Kansas and Haskell Indian Nations University. Given the youthful demographics of the town, there is a thriving music and art scene with its own 4-day music festival - the Wakarusa Music and Camping Festival - held every June just outside the town limits.

Topeka, Kansas Skyline.

Topeka is the capital of Kansas, with a steady population of just over 123,000. The median home price in Topeka as of 2008 was $96,500, up from $65,700 in 2000.

Kansas Census Data

As of July 1, 2016 the state of Kansas has an estimated population of 2,907,289 across 81,758.72 mi² yielding a population density of 35.56 people per mi² across the state.

The following table highlights the July 1, 2016 populations of cities & Census Designated Places (CDP) with over 1,000 residents based on United States Census Bureau estimates. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Wichita Sedgwick 389,902 382,368 7,534 1.97% 159.29 2,447.75
2 Overland Park Johnson 188,966 173,372 15,594 8.99% 74.84 2,524.93
3 Kansas City Wyandotte 151,709 145,786 5,923 4.06% 124.81 1,215.52
4 Olathe Johnson 135,473 125,872 9,601 7.63% 59.66 2,270.75
5 Topeka Shawnee 126,808 127,473 -665 -0.52% 60.17 2,107.50
6 Lawrence Douglas 95,358 87,643 7,715 8.80% 33.56 2,841.42
7 Shawnee Johnson 65,194 62,209 2,985 4.80% 41.85 1,557.80
8 Manhattan Riley & Pottawatomie 54,983 52,281 2,702 5.17% 18.76 2,930.86
9 Lenexa Johnson 52,903 48,190 4,713 9.78% 34.1 1,551.41
10 Salina Saline 47,336 47,707 -371 -0.78% 25.11 1,885.15
11 Hutchinson Reno 41,310 42,080 -770 -1.83% 22.69 1,820.63
12 Leavenworth Leavenworth 36,154 35,251 903 2.56% 24.04 1,503.91
13 Leawood Johnson 34,565 31,867 2,698 8.47% 15.06 2,295.15
14 Dodge City Ford 27,453 27,340 113 0.41% 14.44 1,901.18
15 Garden City Finney 26,747 26,658 89 0.33% 8.82 3,032.54
16 Emporia Lyon 24,816 24,916 -100 -0.40% 11.83 2,097.72
17 Junction City Geary 24,180 23,353 827 3.54% 12.15 1,990.12
18 Derby Sedgwick 23,633 22,158 1,475 6.66% 9.55 2,474.66
19 Prairie Village Johnson 21,805 21,447 358 1.67% 6.2 3,516.94
20 Gardner Johnson 21,110 19,123 1,987 10.39% 10.12 2,085.97
21 Hays Ellis 21,027 20,510 517 2.52% 7.95 2,644.91
22 Pittsburg Crawford 20,366 20,233 133 0.66% 12.8 1,591.09
23 Liberal Seward 20,350 20,525 -175 -0.85% 11.61 1,752.80
24 Newton Harvey 19,105 19,132 -27 -0.14% 12.6 1,516.27
25 Great Bend Barton 15,535 15,995 -460 -2.88% 10.6 1,465.57
26 McPherson McPherson 13,164 13,155 9 0.07% 7.18 1,833.43
27 El Dorado Butler 13,141 13,021 120 0.92% 8.86 1,483.18
28 Andover Butler & Sedgwick 12,980 11,791 1,189 10.08% 9.99 1,299.30
29 Ottawa Franklin 12,356 12,649 -293 -2.32% 9.33 1,324.33
30 Winfield Cowley 12,284 12,301 -17 -0.14% 11.56 1,062.63
31 Arkansas City Cowley 12,063 12,415 -352 -2.84% 9.36 1,288.78
32 Lansing Leavenworth 11,849 11,265 584 5.18% 12.38 957.11
33 Merriam Johnson 11,245 11,003 242 2.20% 4.32 2,603.01
34 Haysville Sedgwick 11,245 10,826 419 3.87% 4.61 2,439.26
35 Atchison Atchison 10,679 11,021 -342 -3.10% 7.82 1,365.60
36 Parsons Labette 9,906 10,500 -594 -5.66% 10.61 933.65
37 Coffeyville Montgomery 9,539 10,295 -756 -7.34% 7.43 1,283.85
38 Mission Johnson 9,443 9,323 120 1.29% 2.67 3,536.70
39 Augusta Butler 9,321 9,274 47 0.51% 4.23 2,203.55
40 Chanute Neosho 9,139 9,119 20 0.22% 7.03 1,300.00
41 Independence Montgomery 8,799 9,483 -684 -7.21% 7.74 1,136.82
42 Wellington Sumner 7,889 8,172 -283 -3.46% 7.61 1,036.66
43 Fort Scott Bourbon 7,773 8,087 -314 -3.88% 5.55 1,400.54
Fort Riley CDP Riley & Geary 7,015 7,761 -746 -9.61% 5.04 1,391.87
44 Bonner Springs Wyandotte, Leavenworth & Johnson 7,665 7,314 351 4.80% 15.73 487.29
45 Bel Aire Sedgwick 7,661 6,769 892 13.18% 6.83 1,121.67
46 Park City Sedgwick 7,632 7,297 335 4.59% 9.49 804.21
47 Valley Center Sedgwick 7,343 6,822 521 7.64% 6.95 1,056.55
48 Roeland Park Johnson 6,786 6,731 55 0.82% 1.62 4,188.89
49 Pratt Pratt 6,771 6,835 -64 -0.94% 7.37 918.72
50 Abilene Dickinson 6,469 6,844 -375 -5.48% 4.68 1,382.26
51 Eudora Douglas 6,379 6,136 243 3.96% 2.89 2,207.27
52 Mulvane Sedgwick & Sumner 6,316 6,111 205 3.35% 4.5 1,403.56
53 Spring Hill Johnson & Miami 6,166 5,437 729 13.41% 8.52 723.71
54 De Soto Johnson 6,071 5,720 351 6.14% 11.07 548.42
55 Ulysses Grant 6,035 6,161 -126 -2.05% 3.18 1,897.80
56 Basehor Leavenworth 5,651 4,613 1,038 22.50% 6.68 845.96
57 Paola Miami 5,568 5,602 -34 -0.61% 4.9 1,136.33
58 Iola Allen 5,454 5,704 -250 -4.38% 4.54 1,201.32
59 Colby Thomas 5,419 5,387 32 0.59% 3.38 1,603.25
60 Tonganoxie Leavenworth 5,326 4,996 330 6.61% 3.66 1,455.19
61 Concordia Cloud 5,179 5,395 -216 -4.00% 4.32 1,198.84
62 Wamego Pottawatomie & Wabaunsee 4,715 4,372 343 7.85% 2.21 2,133.48
63 Goddard Sedgwick 4,710 4,344 366 8.43% 4.43 1,063.21
64 Baldwin City Douglas 4,677 4,515 162 3.59% 2.62 1,785.11
65 Russell Russell 4,500 4,506 -6 -0.13% 4.87 924.02
66 Goodland Sherman 4,441 4,489 -48 -1.07% 4.36 1,018.58
67 Maize Sedgwick 4,438 3,420 1,018 29.77% 8.84 502.04
68 Edwardsville Wyandotte 4,390 4,340 50 1.15% 9.04 485.62
69 Louisburg Miami 4,382 4,315 67 1.55% 5.57 786.71
70 Osawatomie Miami 4,308 4,447 -139 -3.13% 5 861.60
71 Clay Center Clay 4,069 4,334 -265 -6.11% 3.08 1,321.10
72 Rose Hill Butler 4,015 3,931 84 2.14% 2.2 1,825.00
73 Fairway Johnson 3,972 3,882 90 2.32% 1.15 3,453.91
74 Baxter Springs Cherokee 3,963 4,238 -275 -6.49% 3.11 1,274.28
75 Larned Pawnee 3,900 4,054 -154 -3.80% 2.39 1,631.80
76 Scott City Scott 3,890 3,816 74 1.94% 2.63 1,479.09
77 Hugoton Stevens 3,835 3,904 -69 -1.77% 1.75 2,191.43
78 Hesston Harvey 3,803 3,709 94 2.53% 3.9 975.13
79 Beloit Mitchell 3,769 3,835 -66 -1.72% 4.02 937.56
80 Lyons Rice 3,671 3,739 -68 -1.82% 2.35 1,562.13
81 Mission Hills Johnson 3,600 3,498 102 2.92% 2.02 1,782.18
82 Frontenac Crawford 3,414 3,437 -23 -0.67% 4.97 686.92
83 Lindsborg McPherson 3,338 3,458 -120 -3.47% 1.66 2,010.84
84 Marysville Marshall 3,294 3,294 0 0.00% 4.58 719.21
85 Holton Jackson 3,285 3,329 -44 -1.32% 2.7 1,216.67
Oaklawn-Sunview CDP Sedgwick 2,906 3,276 -370 -11.29 0.54 5,381.48
86 Garnett Anderson 3,264 3,415 -151 -4.42% 3.1 1,052.90
87 Columbus Cherokee 3,104 3,312 -208 -6.28% 2.42 1,282.64
88 Hiawatha Brown 3,065 3,172 -107 -3.37% 2.59 1,183.40
89 Ellsworth Ellsworth 3,047 3,120 -73 -2.34% 2.43 1,253.91
90 Kingman Kingman 3,000 3,177 -177 -5.57% 3.52 852.27
91 Hillsboro Marion 2,887 2,993 -106 -3.54% 2.56 1,127.73
92 Galena Cherokee 2,886 3,085 -199 -6.45% 4.57 631.51
93 Osage City Osage 2,837 2,943 -106 -3.60% 3.21 883.80
94 Norton Norton 2,812 2,928 -116 -3.96% 1.93 1,456.99
95 Girard Crawford 2,748 2,789 -41 -1.47% 2.4 1,145.00
96 St. Marys Pottawatomie & Wabaunsee 2,664 2,627 37 1.41% 1.18 2,257.63
97 Burlington Coffey 2,610 2,674 -64 -2.39% 2.2 1,186.36
98 Hoisington Barton 2,586 2,706 -120 -4.43% 1.15 2,248.70
99 Sabetha Nemaha & Brown 2,584 2,571 13 0.51% 3.46 746.82
100 Phillipsburg Phillips 2,543 2,581 -38 -1.47% 1.67 1,522.75
101 South Hutchinson Reno 2,539 2,457 82 3.34% 2.87 884.67
102 Clearwater Sedgwick 2,519 2,481 38 1.53% 1.87 1,347.06
103 Eureka Greenwood 2,410 2,633 -223 -8.47% 2.28 1,057.02
104 Herington Dickinson & Morris 2,362 2,526 -164 -6.49% 5.06 466.80
105 Neodesha Wilson 2,319 2,486 -167 -6.72% 1.35 1,717.78
106 Fredonia Wilson 2,291 2,482 -191 -7.70% 2.44 938.93
107 Sterling Rice 2,264 2,328 -64 -2.75% 1.67 1,355.69
108 Cimarron Gray 2,222 2,184 38 1.74% 1.14 1,949.12
109 Cherryvale Montgomery 2,190 2,367 -177 -7.48% 1.9 1,152.63
110 Anthony Harper 2,178 2,269 -91 -4.01% 3.13 695.85
111 Lakin Kearny 2,176 2,216 -40 -1.81% 0.98 2,220.41
112 Cheney Sedgwick 2,165 2,094 71 3.39% 1.99 1,087.94
113 Holcomb Finney 2,145 2,094 51 2.44% 1.35 1,588.89
114 Oakley Logan, Thomas & Gove 2,098 2,045 53 2.59% 1.94 1,081.44
115 Halstead Harvey 2,081 2,085 -4 -0.19% 1.31 1,588.55
116 Council Grove Morris 2,060 2,182 -122 -5.59% 1.99 1,035.18
117 Ellis Ellis 2,050 2,062 -12 -0.58% 1.64 1,250.00
118 Seneca Nemaha 2,048 1,991 57 2.86% 1.63 1,256.44
119 Caney Montgomery 2,042 2,203 -161 -7.31% 1.35 1,512.59
120 Ellinwood Barton 2,037 2,131 -94 -4.41% 1.14 1,786.84
121 Ogden Riley 2,022 2,087 -65 -3.11% 1.61 1,255.90
122 Kechi Sedgwick 1,995 1,909 86 4.50% 5.97 334.17
123 Minneapolis Ottawa 1,984 2,032 -48 -2.36% 1.76 1,127.27
124 Elkhart Morton 1,934 2,205 -271 -12.29% 2.11 916.59
125 Medicine Lodge Barber 1,930 2,009 -79 -3.93% 1.21 1,595.04
126 Belleville Republic 1,894 1,991 -97 -4.87% 1.98 956.57
127 Plainville Rooks 1,858 1,903 -45 -2.36% 1.24 1,498.39
128 Humboldt Allen 1,847 1,953 -106 -5.43% 1.44 1,282.64
129 Marion Marion 1,838 1,927 -89 -4.62% 2.98 616.78
130 Wellsville Franklin 1,813 1,857 -44 -2.37% 1.39 1,304.32
131 North Newton Harvey 1,797 1,759 38 2.16% 0.9 1,996.67
McConnell AFB CDP Sedgwick 1,360 1,777 -417 -23.47% 4.15 327.71
132 WaKeeney Trego 1,776 1,862 -86 -4.62% 1.71 1,038.60
133 Edgerton Johnson 1,756 1,671 85 5.09% 2.18 805.50
134 Oswego Labette 1,744 1,829 -85 -4.65% 2.24 778.57
135 Moundridge McPherson 1,737 1,737 0 0.00% 1.41 1,231.91
136 Syracuse Hamilton 1,705 1,812 -107 -5.91% 4.1 415.85
137 Horton Brown 1,702 1,776 -74 -4.17% 1.78 956.18
138 Oberlin Decatur 1,700 1,788 -88 -4.92% 1.91 890.05
139 Sedgwick Harvey & Sedgwick 1,695 1,695 0 0.00% 1.41 1,202.13
140 Douglass Butler 1,691 1,700 -9 -0.53% 1.07 1,580.37
141 Westwood Johnson 1,658 1,506 152 10.09% 0.41 4,043.90
142 Belle Plaine Sumner 1,598 1,681 -83 -4.94% 0.91 1,756.04
143 Grandview Plaza Geary 1,595 1,560 35 2.24% 0.84 1,898.81
144 Meade Meade 1,586 1,721 -135 -7.84% 0.99 1,602.02
145 Smith Center Smith 1,583 1,665 -82 -4.92% 1.24 1,276.61
146 Hill City Graham 1,455 1,474 -19 -1.29% 1 1,455.00
147 Leoti Wichita 1,450 1,534 -84 -5.48% 1.31 1,106.87
148 Arma Crawford 1,444 1,481 -37 -2.50% 1.12 1,289.29
149 Towanda Butler 1,427 1,450 -23 -1.59% 1.06 1,346.23
150 Silver Lake Shawnee 1,426 1,439 -13 -0.90% 0.58 2,458.62
151 Kinsley Edwards 1,407 1,457 -50 -3.43% 1.29 1,090.70
152 Colwich Sedgwick 1,398 1,327 71 5.35% 1.33 1,051.13
153 Carbondale Osage 1,393 1,437 -44 -3.06% 0.75 1,857.33
154 Ness City Ness 1,386 1,449 -63 -4.35% 1.02 1,358.82
155 Johnson City Stanton 1,379 1,495 -116 -7.76% 2.01 686.07
156 Harper Harper 1,376 1,473 -97 -6.59% 1.63 844.17
157 Sublette Haskell 1,364 1,453 -89 -6.13% 0.92 1,482.61
158 Chapman Dickinson 1,361 1,393 -32 -2.30% 0.86 1,582.56
159 Osborne Osborne 1,353 1,431 -78 -5.45% 1.56 867.31
160 Inman McPherson 1,353 1,377 -24 -1.74% 0.59 2,293.22
161 Yates Center Woodson 1,351 1,417 -66 -4.66% 2.61 517.62
162 Buhler Reno 1,317 1,327 -10 -0.75% 0.72 1,829.17
163 Wathena Doniphan 1,313 1,364 -51 -3.74% 2.28 575.88
164 Stockton Rooks 1,297 1,329 -32 -2.41% 2.23 581.61
165 St. Francis Cheyenne 1,294 1,329 -35 -2.63% 0.87 1,487.36
166 La Crosse Rush 1,231 1,342 -111 -8.27% 1.05 1,172.38
167 Lincoln Center Lincoln 1,229 1,297 -68 -5.24% 1.24 991.13
168 Conway Springs Sumner 1,224 1,272 -48 -3.77% 0.82 1,492.68
169 Victoria Ellis 1,221 1,214 7 0.58% 0.59 2,069.49
170 St. John Stafford 1,214 1,295 -81 -6.25% 1.88 645.74
171 Haven Reno 1,212 1,237 -25 -2.02% 0.62 1,954.84
172 Auburn Shawnee 1,212 1,227 -15 -1.22% 0.64 1,893.75
173 Atwood Rawlins 1,209 1,194 15 1.26% 1.04 1,162.50
174 Pleasanton Linn 1,176 1,216 -40 -3.29% 1.8 653.33
175 Hoxie Sheridan 1,174 1,201 -27 -2.25% 0.84 1,397.62
176 Elwood Doniphan 1,164 1,224 -60 -4.90% 3.2 363.75
177 Valley Falls Jefferson 1,149 1,192 -43 -3.61% 0.77 1,492.21
178 Peabody Marion 1,140 1,210 -70 -5.79% 1.34 850.75
179 Rossville Shawnee 1,130 1,151 -21 -1.82% 0.61 1,852.46
180 La Cygne Linn 1,112 1,149 -37 -3.22% 1.51 736.42
181 Erie Neosho 1,091 1,150 -59 -5.13% 1.21 901.65
182 Satanta Haskell 1,090 1,133 -43 -3.80% 0.59 1,847.46
183 Oskaloosa Jefferson 1,078 1,113 -35 -3.14% 1.02 1,056.86
184 Washington Washington 1,076 1,131 -55 -4.86% 0.87 1,236.78
185 Chetopa Labette 1,061 1,125 -64 -5.69% 1.34 791.79
186 Plains Meade 1,056 1,146 -90 -7.85% 1 1,056.00
187 Altamont Labette 1,043 1,080 -37 -3.43% 1.64 635.98
188 Solomon Dickinson & Saline 1,040 1,095 -55 -5.02% 0.85 1,223.53
189 Sedan Chautauqua 1,034 1,124 -90 -8.01% 0.81 1,276.54
190 Overbrook Osage 1,024 1,058 -34 -3.21% 0.55 1,861.82
191 Lyndon Osage 1,022 1,052 -30 -2.85% 0.83 1,231.33
192 Nickerson Reno 1,021 1,070 -49 -4.58% 1.35 756.30
193 Caldwell Sumner 1,020 1,068 -48 -4.49% 1.09 935.78
194 Oxford Sumner 1,017 1,049 -32 -3.05% 0.83 1,225.30
195 Highland Doniphan 1,000 1,012 -12 -1.19% 0.53 1,886.79

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Types of Mortgages in Kansas

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $424,100 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $543,000, triple unit homes have a limit of $656,350 & quadruple unit homes have a limit of $815,650.

Depending on your budget, willingness to accept risk and/or fluctuations in the market, and length of time you wish to finance your home over, you may choose a fixed rate mortgage (FRM) or an adjustible rate mortgage (ARM).

Fixed rate mortgages mean that you pay a certain interest rate for the life of the mortgage, whether it's five years or 30 years. FRMs are a conservative investment, meaning there will be no surprises in the coming years that will suddenly hit you in the pocketbook.

Adjustable rate mortgages mean that your interest will fluctuate with the market. If your bank originally charges you 3.5%, but the market changes in six months to 5.5%, you will feel the strain of higher payments. That said, there is also the possibility that interest rates could go down, say to 3%, thereby cutting your monthly mortgage payments. If you are not averse to a little risk, an ARM might be for you. If you are risk-shy, take an FRM instead. At least you'll know what you're paying every month.

The most popular mortgages in Kansas are 30 year fixed rate mortgages.

Do you want to pay capital plus interest, or interest only? Paying down the capital means your monthly payments will be slightly higher than with interest only, but you will also have the loan paid off quicker.

Shopping for a Mortgage in Kansas

The Internet has revolutionized the way people choose their mortgages. There are mortgage calculators to be found online that can help you find the best rates and options for financing your home purchase.

By comparing mortgage offers online, you can:

  • Receive offers from multiple lenders
  • Choose the financing options that are right for you
  • Compare rates and terms based on the purchase price of your home

Once you find the rate and payment options that best suit your needs, you can arrange - usually right there through the comparison site - to contact the lender directly to discuss the quote you've been given.

The traditional method is to contact your regular banking institution to arrange a home loan. This gives you the benefit of dealing with people who know your history and with whom you've done business in the past. However, you may be missing out on a better deal that you could strike with a competitor.

Whichever method you choose - online or with a local bank - you will at some point need to meet with a representative who will take a credit history from you. You will be required to provide financial statements, income declarations, tax information and you'll have to declare any properties you already own or finance, as well as which institutions you are already holding credit with.

All of these factors influence the amount you will be loaned as well as the correct rate at which you will be charged. If you have excellent credit with all institutions you've dealt with, you will receive a larger amount and a better interest rate than someone with poor credit.

Natural Disasters

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Much of the state of Kansas is considered to have a very low flooding risk. Counties with relatively elevated risk profiles include:

  • low risk: Douglas, Franklin, Jefferson, Republic, Rice, Riley, Sedgwick
  • moderate risk: Allen, Anderson, Butler, Clay, Cloud, Coffey, Cowley, Harvey, Labette, Linn, Marion, McPherson, Neosho, Osage, Pottawatomia, Reno, Shawnee, Sumner, Wabaunsee, Washington
  • very high risk: Ottawa

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Tornadoes

Most of the state is considered to have a moderate to very high tornado risk. A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is exceptionally common across the state. Damage from hail is typically covered by home insurance policies.

Kansas Foreclosures

Should a homeowner be unable to make their mortgage payments, the lender has the right to foreclose the home and take possession of it for the purpose of reselling it to another buyer.

In Kansas, the lender may foreclose on a mortgage after 120 days by using the Judicial Foreclosure Process. The lender files a lawsuit and obtains a court order. Once the court order to foreclose has been obtained, the lender must list the sale of the once a week for three weeks. The auction must then take place no less than 7 days after the final listing.

Even though the new buyer will receive a deed on the property, the original owner who defaulted on the mortgage still has 12 months from the date of foreclosure in which to reclaim and redeem the property.

If you are a buyer, you can often pick up a foreclosed property at 20% less than the market listing rate. Foreclosed properties are generally sold "as-is", with no repairs being done by the lender before auction.