Worried about mortgage rates

Worried About Mortgage Rates? Control the Controllables in Kansas City

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Worried About Mortgage Rates? Control the Controllables in Kansas City

Chances are you’re hearing a lot about mortgage rates right now, especially if you’re in Kansas City. Recent headlines may have you concerned, particularly those discussing the Federal Reserve’s (the Fed) recent meetings and their implications for mortgage rates. It’s important to understand that the Fed doesn’t directly set mortgage rates, even if it sometimes seems that way from the news.

Mortgage rates are influenced by a variety of factors, including geopolitical uncertainty, inflation, and the broader economy. Trying to predict when these elements will align to lower rates can be challenging. That’s why trying to time the market often isn’t the best strategy. Instead, focus on what you can control.

Here’s what you can do to make your moving plans a reality despite current mortgage rates.

Your Credit Score

Your credit score has a significant impact on your mortgage rate. As CNET explains:

“You can’t control the economic factors influencing interest rates. But you can get the best rate for your situation, and improving your credit score is the right place to start. Lenders look at your credit score to decide whether to approve you for a loan and at what interest rate. A higher credit score can help you secure a lower interest rate, maybe even better than the average.”

Maintaining a good credit score is crucial, especially with rates where they are now. Work on improving your credit score to secure a better rate. Consult your trusted loan officer for expert advice tailored to your situation.

Your Loan Type

Different types of loans offer varying terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:

“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.”

When working with your team of real estate professionals in Kansas City, explore the loan options available and determine which types you qualify for.

Your Loan Term

The term of your loan is another factor that can influence your mortgage rate. Freddie Mac notes:

“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”

Depending on your situation, choosing a different loan term might help you manage your mortgage rate better.

Bottom Line

While you can’t control the broader economy, you can control certain aspects of your mortgage. Work with a trusted lender and real estate professional in Kansas City to understand your options. By being strategic about your credit score, loan type, and loan term, you can navigate today’s higher rates and secure the best possible deal for your new home. Let’s connect to discuss how you can make the most of the current market.


Chris Dowell, Dowell Family Team


About the Author:

With over 30 years of experience, Chris Dowell is a seasoned professional in the Kansas City real estate scene. As a dedicated member of the Dowell Family Team at ReeceNichols Johnson County West, Chris has been assisting Kansas Citians in buying, selling, and investing in real estate. Whether you’re looking to make a purchase, sell your property, or explore investment opportunities, Chris is here to guide you through the process.

Contact Chris:

Website: www.DowellFamilyTeam.comContact Information: https://solo.to/dowellfamilyteam

Author: Dowell Family Team

The Dowell Family Team: Your Trusted Real Estate Experts in Johnson County
At The Dowell Family Team with ReeceNichols Real Estate, we are dedicated to serving the residential real estate needs of Kansas Citians with a focus on Olathe, Overland Park, Gardner, Spring Hill, Leawood, Lenexa, Shawnee, and the surrounding Johnson County cities.
With over 35 years of combined experience in the local real estate market, our team blends professionalism with a personalized approach. We take the time to understand your unique needs and goals, whether you're buying, selling, or investing in property.

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