With the recent fluctuation in mortgage rates, it may seem like a wild time to buy a home. Even with Kansas’ rates sitting just below the national average, prospective home buyers are worried that they could be stuck paying thousands of extra dollars in interest over the life of their loan.
But that doesn’t have to be the case.
Equity Bank’s selection of home loans help simplify the path to homeownership, giving you affordable and accessible mortgage options while also providing expert care and guidance along the way. With our help, Kansas home buyers can lock in competitive prices on homes with the confidence that they’ve made the right choice for themselves and their families.
The Kansas Mortgage Market
Kansas’ average rate for 15 and 30 year fixed-rate mortgages are hovering around half a percent lower than the national average. While this may not seem like much, it makes a huge difference when considering the cost of a home, where a few percentage points can mean tens of thousands of dollars.
Rate inflation has also driven down the price of property in Kansas1. Because of the increased interest rates, less buyers are interested, meaning that anyone who wishes to sell is being forced to take a significant discount on the value of their home and land. This represents an opportunity for Kansas’ prospective home buyers.
Equity Bank Mortgage Perks
Equity Bank mortgages are the best way to set yourself on the path to homeownership. We are committed to providing step-by-step consultation throughout the application process, and offer perks you can’t find with other banks.
- Internal Underwriting – Reduces the risk of missing your closing window due to third party review, and also results in more accurate risk assessments.
- Easy Application – Allows you to get started on your mortgage approval process quickly and take advantage of sales that may not be available for long.
- Flexible Financing – Even if your original application for financing falls through, we’ll work with you to explore alternative financing options while keeping you on track for your closing schedule.
Which Types of Mortgages Does Equity Bank Provide?
Equity Bank provides multiple home financing options. That way, you can choose the best path forward and ensure that your home becomes an asset rather than a money pit.
1.)First Time Home Buyers’ Programs
These programs are designed to help buyers own their first home. The Federal Housing Administration, Veterans’ Affairs office, and the Department of Agriculture all participate in these programs, and you can take advantage of 0% down payments and reduced mortgage insurance requirements if you qualify.
2.) Standard Fixed and Adjustable Rate Mortgages
Which type of mortgage is best for you will depend on a number of factors. How long do you plan to live in the home? Are you planning to make additions or adjustments to the structure of the house? These are all questions that will drastically change the suitability of each type of loan.
Your Equity Bank loan officer will help you decide which type of mortgage is best for you currently, and which best fits your plans for the future. We offer fantastic rates on both, so you’ll never be caught between a rock and a hard place.
3.) HELOC Loans
HELOC stands for “Home Equity Line of Credit,” and is sometimes called a “second mortgage.” Essentially, a HELOC loan allows you to bank on the equity you’ve already invested in your home, opening up some cash to do remodeling or make a purchase that would otherwise be too expensive.
Let’s Work Together
If you’re thinking of purchasing a home, get in touch with us to schedule an appointment with one of our expert loan officers. They’ll help you strategize and suggest ways in which Equity Bank can help you buy your home without disrupting your financial plans for the future. You can also apply for your mortgage online at any time, apply over the phone, or visit us in person at your nearest Equity Bank location.
Source:
SFHFA. “National Mortgage Database (NMDB) Aggregate Statistics.” Federal Housing Finance Agency, 29 09 2023, https://www.fhfa.gov/DataTools/Downloads/Pages/National-Mortgage-Database-Aggregate-Data.aspx. Accessed 13 October 2023.