Home Loans In Lawrence, Kansas 

Are you looking to own a home in Lawrence, Kansas? The lively city is the sixth-largest in the state and home to some of the best public schools in Kansas. 

If you’re like most people, getting a home loan is the first real step towards homeownership. Whether you’re a first-time borrower or a seasoned property investor, Capital Home Mortgage can help you secure the right home financing. 

Let’s go over some vital information about mortgages and how to find the right home loan lender in Lawrence, Kansas, for your needs. 

Tips For Finding The Best Mortgage Lender In Lawrence for First-time Homebuyers

Your first mortgage is the most crucial mortgage application in your life, especially if you’re still building your credit. Finding the right mortgage lender can make all the difference as a first-time borrower. 

At Capital Home Mortgage, we can guide you in the whole mortgage process so you don’t waste precious time on things that don’t matter. Here are some relevant questions to ask when looking for a mortgage lender. 

• What are the credit score requirements?

Lenders have different credit score requirements based on the mortgage product. For example, conventional loans typically require a credit score of 640, while FHA loans can go as low as 500. 

Having a high credit score before the application can put you in a favorable position while having a low credit score can mean automatic ineligibility. 

• How do you determine interest rates?

The interest rate depends on several factors like the final property value, loan amount, loan term, borrower’s income, and credit score. 

Our mortgage experts can help you find the best deals that meet your budget and needs. 

• Do you offer a mortgage rate lock?

A mortgage lock secures the interest rate at the start of the closing. So if the interest rate at that time is 3.50%, any increase that may occur until you close the loan won’t affect the initial interest rate offered at the start of the closing. 

A mortgage lender that offers a mortgage rate lock is a big plus because small increases in rates significantly impact your future interest payments. You can generally lock your rate for 30 – 45 days, enough time to move your file to close.

• Do you give prequalification or preapproval?

Mortgage prequalification and preapproval can make your search quick and easy. Mortgage prequalification is less formal, and you can do it over the phone. During prequalification, the lender can give a rough estimate of the loan amount. 

But if you want a strong position with a home seller, you need to be pre-approved by submitting official documents like W-2s, bank statements, tax returns, and other documents as required.

How much is the required down payment?

Mortgage programs ask for different down payments. Some mortgages like FHA loans can go as low as 3.5% with a credit score of 580. 

However, a down payment of at least 20% can increase your chances of approval and decrease the interest rate. Besides that, you’ll not be required to pay mortgage insurance.

Lawrence, Kansas Mortgage Lenders

Mortgages have different requirements. At Capital Home Mortgage, we can help you find the best mortgage programs based on your needs and financial capacity. 

We offer different programs like professional medical mortgages, FHA-insured loans, first-time homebuyer programs, etc. We’re also a direct lender; our loan process is generally faster and more streamlined from application to funding. It enables us to offer competitive interest rates, low processing fees, and flexible underwriting. 

Get a Home Loan in Lawrence

Let’s find the best Lawrence mortgage program for you. Contact us at (316) 261-5400 to get expert mortgage advice and assistance from our experienced loan officers at Capital Home Mortgage. 

We look forward to providing your next home loan in Lawrence, Kansas.