Find the Best Mortgage Lenders in Kansas City

How to choose a mortgage lender in Kansas City

Compared to national averages, Kansas and Missouri mortgage rates are lower—meaning homebuyers in KC can expect to spend less in the long run. Find comparisons on Bankrate, which conducts weekly national surveys of lenders to give homeowners a glimpse of what to expect from the market. Rates vary among companies, so comparing estimates from a variety of lenders can be just as important as negotiating home price.

A jumbo mortgage is a large home loan that exceeds federal conforming loan limits, which, in Kansas City, top out at $453,100. Rates for these loans are often a few percentage points higher than 30-year fixed rates and come with a more difficult qualifying process. If you are looking to buy a home that exceeds this price, expect to pay a higher down payment and have better credit.

The Kansas City real estate market

For the past three years, Kansas City’s employment growth has outpaced national rates, leading to an influx of residents. The housing market is booming and competitive—leading to a surplus of buyers and a shortage of inventory. The Kansas City Regional Association of Realtors predicts a continued rise in housing demand and encourages buyers to make offers quickly.

The average sales price for KC homes in 2018 is $234,821, close to the average home cost in U.S. of $216,000, according to Zillow. More affordable neighborhoods like up-and-coming Waldo average home prices below $200,000. For nicer areas like Ward Estates, which ranks 92nd of the nation’s wealthiest neighborhoods, homebuyers can expect to pay an average of $364,000 per home.

For homebuyers looking for a great deal on good homes in lesser neighborhoods, Kansas City, Kansas, just minutes from downtown but across state lines, averages $92,1000 in price. Exciting growth in KC makes this a smart place for homebuyers who want to invest their money and futures in a great city.