Home Loans In Topeka, Kansas 

The capital city of Topeka boasts dozens of unparalleled novelties and attractions and natural scenic beauty that is simply hard to find in other cities in Kansas. 

Are you planning to buy a house in Topeka? First, you’ll need to sort out how you’ll afford it. At Capital Home Mortgage, we make your home buying experience enjoyable thanks to our wide array of home loan programs and simplified application process. 

Let’s walk you through what you need to know about qualifying for a home loan in Topeka. 

Tips For Improving Your Chances Of Getting A Topeka Mortgage Loan 

     1. Check Your Credit Score

Your credit score is one of the paramount considerations when lenders evaluate your eligibility as a borrower. It also determines the interest rate you’ll get if your home loan application is approved. 

The score itself is based on your creditworthiness. It is a three-digit number between 300 and 850, and the higher your score, the better. 

If your credit score is low, work on improving it before speaking with lenders. This involves paying off your debts, making timely repayments, and being responsible for how you use credit. 

     2. Fix Errors On Your Credit Report

Your credit report contains vital information about your name, address, social security number, and credit history. You’ll need to make sure that all the information in the report is correct and current. 

If you notice any errors in your report, raise a dispute immediately and allow the new information to be updated before you start shopping for a house. It can take weeks or even months to respond to disputes and update credit report information on their databases. 

     3. Lower Your Debt-to-Income (DTI) Ratio

Your DTI ratio is determined by how much your gross monthly income is spent on debt repayments. These include payments on auto loans, credit cards, student loans, and others. 

Lenders will look at your DTI ratio to determine how well you manage your money. If you’re spending more than 50% of your income on debt servicing, that’s a huge red flag to lenders because it tells them that you’re essentially dependent on debt. To lower your DTI ratio, get another source of income or ultimately pay off some of your debts. 

     4. Save For A Decent Down Payment

By decent, we mean something along the lines of at least 10%. Ideally, you should aim for a 20% down payment to reduce the overall loan amount and help you avoid paying for private mortgage insurance. 

Some loans, such as VA and USDA home loans, have a 0% down payment requirement but try to put down a decent down payment if you can. It shows lenders that you are a serious borrower and are even willing to put your own money toward the investment.

Topeka, KS Mortgage Lender 

Capital Home Mortgage is a direct Topeka mortgage lender. This means that we handle every aspect of the loan process and make decisions from application to funding. We pride ourselves on providing a one-of-a-kind home loan process that includes flexible underwriting, competitive interest rates, and lower fees.

Reach Out To Speak With A Home Loan Expert In Topeka Today!

Buying a home is a big deal, and there’s always plenty to stress about. Let us make securing a home loan in Topeka one less thing to worry about today. Simply get in touch by calling (316) 261-5400. We’re happy to help you start planning for your home purchase and provide any assistance you may need along the way.