Table of Content
Despite all of these large employers, Kansas City has an unemployment rate that is slightly higher than the national average. However, job opportunities and the economy, in general, has grown by 1.5% in the past year. It is projected to continue growing for the next ten years and add over 30% more jobs to help stabilize the economy. There are four large public schools systems in Overland Park along with twelve private schools. The largest public school is the Shawnee Mission School District, and it has over 27,000 students enrolled.
Kansas has above average property tax rates, with a median assessment of 1.47% in 2016. Each year, residents can expect to pay around the median property tax range of $2,532. These rates do fluctuate by county, and Johnson County collects the most taxes each year at around $2,664.00 per property. The national average assessment for single family homes was $3,313 in 2016, for an effective rate of 1.24%.
Conventional fixed-rate mortgages
The good news is that even a borrower who doesn't meet all the highest standards could still find a mortgage in Kansas City, MO with a low interest rate. Even if you have borrowed a lot of student loans, our loan programs offer a lower rate and allow for higher debt-to-income ratios. See our calculator “how much house can I afford” to if you are looking to purchase a home in Kansas or Missouri. Estimated monthly payment and APR calculation are based on a down payment of 25% and borrower-paid finance charges of 0.862% of the base loan amount. Estimated monthly payment does not include amounts for taxes and insurance premiums and the actual payment obligation will be greater.
January is typically the coldest month for this city with temperatures staying around the high-20s. July is the hottest month with temperatures sitting in the upper 80s, and June has the most rainfall. The biggest economic support is the industrial sector with manufacturing making up over 20% of this city's economy. There are also several leading healthcare facilities located throughout the city, and the business district is also a large influence. Two of the largest private companies in the nation is headquartered in Wichita. Aircraft manufacturing and education round out the top economic support pillars.
Kansas living
Kansas has experienced several rapid population growth spurts with people drawn to the rich lands and various living spaces including cities, suburbs, and rural areas. “We had an active and healthy real estate market then,” she said. Home shoppers have watched their buying power evaporate, with higher rates adding hundreds of dollars onto what they would pay each month. Mortgage rates have run up so far and so fast this year that many would-be homebuyers can no longer afford to buy a home. At the end of 2022, when rates were at 3%, few predicted that just a year later rates around this week’s 6.33% would come as a relief, having dropped from over 7%.
One of the most significant advantages of these types of loans is that the borrowers have to pay the down payment that's as low as 3.5 percent of the purchasing amount. However, the disadvantage is that the borrower would have to pay for mortgage insurance, which would increase the cost of monthly payments. In addition to conventional 30-year and 15-year fixed-rate mortgages, lenders offer a wide variety of adjustable rate mortgages (ARM’s).
Kansas City Home Loans - Home Equity Loans, Refinance, FHA Loans and More
Wichita’s housing market started to have trouble around the middle or 2006, and residents saw a drop that the market had trouble recovering fully from before the housing market crashed. Early 2008 saw Wichita’s highest point, and by the end of the year, the market had started to fall. Once the housing market hit its lowest point, it began to climb again only to drop off and rise. The end of 2011 saw yet another peak that dipped down slightly before continuing its rise. From 2012 to 2014, the market struggled to stabilize itself, and it managed to gain traction. Kansas saw it's housing market begin a steep climb once again that lasted until the first part of 2016 when it leveled off.
The agent's main goal is typically to get the deal closed as soon as possible, whereas the buyer's goal is to score a low interest rate. It's also a complicated process to obtain a mortgage, especially for first-time buyers. It's essential for buyers to be patient and check out interest rates for mortgages online to get a full picture of what's available. The interest rates shown above are based on your credit history, property type and loan amount.
The largest employer in Olathe is education based, and it is the Olathe Unified School District with over 4,500 employees. GARMIN International claims the second-largest employer spot with 2,750 employees. Finally, the employer that rounds out the top three employers in the state of Kansas is Farmers Insurance with over 2,500 employees. Kansas City has a few large companies that make up a major part of the economic sector.
A lot of lenders will require an appraisal during the mortgage process to determine the fair market value of a property. This ensures you’re not paying more for a home than it’s worth on a purchase transaction and verifies the amount of equity available on a refinance transaction. Home values are constantly changing depending on buyer demand and the local market. Contact a Kansas lender to learn more about local requirements for mortgages.
There is no fee or obligation, and you won’t have to supply personal information. The mortgage experts at Metropolitan Mortgage always work to ensure our clients’ best interests. If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. As of Monday, December 19, 2022, current rates in Kansas are 6.52% for a 30-year fixed and 6.03% for a 15-year fixed. Most of the state is considered to have a moderate to very high tornado risk.
The residents and visitors of this city have several attractions they can enjoy year round, and they range from performances, museums, and parks. The Overland Park Arboretum and Botanical Gardens sprawls over 300 acres and have hundreds of different plant and flower species. You can also enjoy the Oak Park Mall, or take a walk through the Nerman Museum of Contemporary Art.
The APR reflects the annual cost of your loan, including items such as mortgage insurance, most closing cost, discount points (also referred to as “points”) and loan origination fees. Your monthly payment is not based on APR, but instead on the Interest Rate. The payment amounts shown do not include amounts for taxes and insurance premiums.
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