We try to keep up with all the latest news in the mortgage world, just for you and we've just heard that Kansas City Mortgage Rates are at a 5 month low and you know what that means. Don't you? It means that now is the time to buy a house. When rates are low that means you can get the most house for your money. That's not the only way that Darren Copeland and his team at LeaderOne financial can help you; they are experts with home loans and experts at getting you the best deal for the right home loan for you!
Here are just a few of the home loans you can get pre-approved for with Darren and his team, espeically since the Kansas City Mortgage Rates are so low right now!
- FHA Loans
- FHA mortgages are government insured mortgages that are great for people who are looking for a home and might not have the 20% required by a conventional mortgage, making it the Lee's Summit's Best Mortgage for first time home buyers or even home buyers who might not have a great credit score. The guidelines are more flexible and the credit requirements are too and the interest rate is competitive, however to accomodate the 3.5% downpayment requirement you'll be asked to pay a small amount of money each month known as PMI, which is basically insurance that covers your mortgage if you were to default on it.
- Conventional Home Loans
- The conventional mortgage is the best mortgage for those borrows who have excellent credit and have the ability to put down a 20% down payment on their home. This is an unlimited loan, meaning that there are no limits on your income, no locational restrictions or occupany restrictions (meaning you could use a conventional loan to purchase a 2nd home.)
- USDA Mortgage
- While the FHA and Coventional loans require down payments the USDA is a no down payment program, that means you'll only have to cover your closing costs! You will have to qualify with a good credit score and meet the income and location eligibility requirements. This loan is also called the rural development loan, so most suburban or urban areas are not available for the USDA Home Loan. There is no PMI, and the guidelines are flexible in regards to your credit scoree.
- VA Home Loan
- The VA loan is the next government backed mortgage program that has a no down payment policy however the VA loan is limited to veterans and those who are currently serving in the U.S. Military and have been issued their dd214 or COE. The credit guidelines are flexible and the interest rate is most often lower than that of conventional or FHA/USDA loans.
So give us a call and see how these low Kansas City Mortgage Rates can help you!