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Today's Mortgage Rates in Kansas

Today’s mortgage and refinance rates plus current home buying and refinance advice for Kansas residents

Buying a home in Kansas

In Kansas, real estate agents have a legal responsibility to the party that they represent. They can act as a buyer's, seller's, or “transactional” agent (one who assists both parties without actually representing either). The latter option is the least expensive route. But it is often best to go with your own agent so you know that his or her interests are aligned with yours. Unlike some states, the Kansas Real Estate Commission does not provide disclosure forms (these are standard documents from the seller stating any known issues with the property). However, disclosures are still widely made because they can protect both buyers and sellers. According to that Kansas real estate law, once sellers agree to sell their property, they must complete the deal unless the buyer fails to meet the terms of the agreement. This is known as “specific performance.” In Kansas, a court can direct a buyer to complete the sale and to hand over the property deed.

Refinancing a home in Kansas

As in most of the United States, Kansans face few, if any, state-specific obstacles when they want to refinance. So your main decision concerns the type of refinance you want. If you absolutely must walk away with cash, that decision’s made for you. You’ll need a cash-out refinance. And one of those involves a fully-fledged refinance, complete with all the paperwork, credit checks and home appraisals you went through with your current mortgage. But if you want only a lower mortgage rate, lower monthly payment or shorter term (or all three), you might be able to avoid some of that admin with a streamline refinance. Better yet, you get to keep your "equity" (the amount by which the value of your home exceeds your mortgage balance) intact. Whichever you choose, remember that you’ll be "resetting the clock" on your mortgage. So, if you’ve had a 30-year loan for six years, and your refinanced mortgage is another 30-year one, then you’ll be paying for your home over 36 years. The way to avoid that is to refinance to a shorter term: maybe 25, 20 or 15 years. That will involve higher monthly payments, but you’ll pay less overall in the long term — and you’ll be mortgage-free sooner. You can use The Mortgage Reports refinance calculator to model your options.

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