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Find the Best Mortgage Rates in Kansas City

June 10, 2014 by jWeb Media

Research a Variety of Financial Institutions

Different institutions offer different mortgage rates in Kansas City, depending on where their emphasis is in the market place. Lenders who get their business from first time homebuyers may offer better mortgage rates for homebuyers than homeowners looking to refinance. Therefore, it’s important to contact a wide range of financial institutions, such as:

  • Direct lenders
  • Regional banks
  • Credit unions
  • Community banks
  • National banks

Since mortgage rates fluctuate frequently, make sure to contact lenders on the same day to get an accurate depiction of who gives the best deals.

Find Out If You Qualify for Special Loan Programs

Some loan programs offer better mortgage rates to those who qualify. Before settling on a standard mortgage rate in Kansas City, research:

  • VA loans
  • FHA loans
  • USDA loans
  • HUD programs

Decide on a Closing Date

The amount of time it takes to close on your house will affect the Kansas City mortgage rate your lender provides. The shorter the period, the smaller the mortgage rate. A 90 day loan lock can be as much as 33% higher than a 60 day loan lock.

Ask Your Lender About Fees

Mortgage rates in Kansas City are not the end-all-be-all of comparison shopping for lenders. Your lender will be required to give you a good faith estimate that outlines all lending fees within 3 days of submitting your loan application, but make sure you inquire about any other “hidden” costs you may not be aware of.

Consider Paying Points to Adjust Your Mortgage Rate

Points are an upfront fee that can reduce your mortgage rate or lender fees. If you are planning on keeping your loan for a longer span of time, you will benefit from paying points. However, if you plan on paying your loan in a short period of time—7 years or less—you will pay more in the upfront costs than your lower mortgage rate will save you.

Get a Mortgage Rate Quote from Cornerstone Mortgage, Inc. Today

Call (800) 965-9910 for more information

Filed Under: Blog, Mortgage Rates Tagged With: mortgage rates in kansas city

The information provided on these posts have been prepared by a third party company and have been distributed for education purposes only. The positions, strategies or opinions of the authors do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax adviser for full eligibility requirements on tax deduction.

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Guild Mortgage Company is an Equal Housing Lender; AZ BK #0018883; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Georgia Residential Mortgage Licensee; GA #6268; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; NV Banker #1076 / NV Broker #1141; OR ML-176; Rhode Island Licensed Lender; State of Missouri Principal Location: 17280 North Outer 40, Ste. 101, Chesterfield, MO 63005; Company NMLS ID 3274. http://www.nmlsconsumeraccess.org/ All loans subject to underwriter approval. Terms and conditions apply. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5898 Copley Drive San Diego, CA 92111; For more licensing information, please visit https://www.guildmortgage.com/licensingBrought to you by Jweb Media.

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