Buying in the Wichita area
Buying a home in the Wichita area, with the numbers and the process explained clearly.
Whether this is your first purchase or your fourth, the same questions come up: what you can afford, what the monthly payment really includes, and what happens in what order. Start with the numbers below.
How buying works
Six stages from financing to keys. Timing and terms vary by contract and lender, so treat this as the shape of the process rather than a fixed schedule.
- 01
Get pre approved
A lender looks at your income, your debts, and your credit, and tells you what you can borrow. It costs nothing and it is the step that turns a price range from a guess into a number. Alex can point you at lenders who work this market, and you are free to use your own.
- 02
Work out what you actually want
Not a wish list. The two or three things that would make you regret the purchase if they were missing, separated from the things you would like. This conversation saves more time than any search filter.
- 03
See houses
Alex walks them with you and points out what a house is telling you about itself. The point of this stage is to get you calibrated, so by the fifth house you can read one yourself.
- 04
Make an offer
Price is one term of several. The closing date, the possession date, what stays with the house, and how the inspection is handled all move, and some of them matter more than the number does. This is where earnest money leaves your account.
- 05
Inspection and appraisal
You pay for the inspection. The lender orders the appraisal and you pay for that too. Between them they are the two places a deal most often gets renegotiated, and Alex will tell you which findings are worth reopening and which are just the age of the house.
- 06
Close
You sign, the remaining funds move, and you get keys. The closing figure is known days ahead, so nothing about the last step should be a surprise by the time you get there.
Home price and payment
Start from the monthly payment you want to stay under and see roughly what price that supports, or start from a price and see the payment. Estimated cash to close is included.
The whole housing payment, not just the loan
Cash you are putting in, separate from closing costs
Use one a lender quoted you, not one from a web page
Monthly. Editable estimate until there is a real address.
Monthly, and an estimate
Monthly
Credited back to you at closing. Around 1% is a common planning figure, not a rule.
These figures are estimates for planning purposes. What you actually pay depends on the loan program, the lender, the rate you are quoted, the property's real taxes and insurance, credits and fees. Your lender and the title company produce the final numbers. This is arithmetic, not a pre-approval, and it does not look at your credit or your income.
The Wichita Area Buyer's Guide
A plain walkthrough of what buying a house around Wichita actually involves, written so you can read it before you are ready to talk to anyone.
What you need up front, in dollars
Earnest money, inspection, appraisal, and closing costs, with what each one pays for and roughly when it leaves your account.
The order things happen in
From pre-approval to keys, so you know what is coming next instead of finding out the day it is due.
What an inspection turns up around here
The items that come up often on Wichita area houses, and which of them are worth negotiating over.
Loan types side by side
Conventional, FHA, VA, and USDA, with the down payment and the tradeoff on each in one table.
Questions to ask any agent before you sign
Including the ones that are awkward to ask. Alex answers them on the page rather than making you dig.
Wichita-area considerations
Wichita, Maize, Derby, Andover, Goddard, Park City, and Rose Hill, with what the buying process looks like in each.
Alex writes and sends this himself rather than serving an automated download.
Buyer questions
How much do I need saved before I start?
It depends on the loan. Some loan types are built around a small down payment and some are not, and the down payment is only one of three places money leaves your account. Ask a lender to run it on a specific price, then ask Alex whether the answer looks right for this market.
Do I pay Alex?
Agent compensation comes out of the transaction and it is put in writing before you sign anything. You will see the number and agree to it in advance, and nothing about it is a surprise at closing.
How long does the whole thing take?
The part you control is how long you look, which varies enormously. The part after an accepted offer is driven by the lender and the title work. Alex will give you the current realistic window when you ask, rather than a number from a template.
What if my credit is not great?
Talk to a lender before you assume anything. People rule themselves out on this more often than lenders do, and the fix is sometimes a few months of specific, boring steps rather than years.