Financing Information

Home Financing Information
 

 

The first step of house hunting is Seeing How Much You Can Afford.

- Buying a house is a major decision-and the first step is to know how much you can afford to spend.


- The benefit of being pre-approved for a mortgage, means a lender has made a commitment (subject to conditions) to loan you money. This way you know exactly how much you can afford before you go house hunting

 

We would be happy to put you in contact with any of the following lenders for your loan needs.

Wilson State Bank at 565 South Fossil in Russell, KS 67665 
(785) 483-7300 

www.wilsonstatebank.net

Southwind Bank at 436 North Main Street in Russell, KS 67665
(785) 483-2300

www.southwindbank.net 

UMB Bank at 507 N Main Street in Russell, KS 67665
(785) 483-6800 

www.umb.com

 

Sunflower Bank at 740 North Main Street in Russell, KS 67665
(785) 483-6322 

www.sunflowerbank.com

 

  • Your Down Payment 

-The down payment is the portion of the purchase price that you provide before moving in (the mortgage covers the balance.) 
- The price of the property you buy will be the combined amount of your mortgage and down payment
- Putting down as much money as you can up front can add up to significant interest savings over time
- The smaller your mortgage, the lower your interest costs 
-  for example- If you can put down 20% or more of the home‘s purchase price, you can apply for a conventional mortgage which means the mortgage won`t have to be insured against default and you‘ll have lower carrying costs. If your down payment is less than 20% (say 5% or 10%), you can apply for a low down payment mortgage. However a lower down payment mortgage may require PMI (also known as Private Mortgage Insurance). 
- With all mortgages, you are responsible for the appraisal and legal fees
- Additional Costs to Consider: Closing costs, moving expenses and deposit fees (with utility or service providers).

 

  • Covering Your Future Costs

‚Äč- Once you become a homeowner, there are a few more costs you can expect to pay monthy, quarterly or sometimes seasonally.

These can include:

       -Mortgage Payments 
       -Property taxes
       -Property insurance
       -Utilites (electric, gas, phone, water, cable, trash)
       -Maintenance