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Today's Mortgage Rates in Kentucky

Today’s mortgage and refinance rates plus current home buying and refinance advice for Kentucky residents

Buying a home in Kentucky

Kentucky requires home sellers to make precise disclosures to all potential buyers. These disclosure documents should state any known issues with the building or property, so buyers are fully informed about their purchase. The form on which to make those disclosures can be downloaded from the state government’s website. This law applies whether or not a broker or licensed agent is involved in the agreement. The disclosure form is broken down into 10 individual categories:
  1. House Systems (including heating, plumbing, electric, etc)
  2. Foundation/Basement/Structure
  3. Roof
  4. Land & Drainage (is the property in a flood zone)
  5. Boundaries
  6. Water
  7. Sewer System (is there a septic tank system)
  8. Construction/Remodeling (Have there been any structural additions or changes made to the property?)
  9. Homeowners’ Association (will the owner will be made to comply to rules made by a homeowners’ association)
  10. Miscellaneous (any known environmental hazards such as asbestos or lead paint)
As you will note, the four-page disclosure form gives buyers with a fairly extensive list of any known faults or flaws with the property. However, only known issues can be disclosed. So you may still want a home inspection.

Refinancing a home in Kentucky

You’re unlikely to have many issues refinancing in Kentucky, beyond those facing homeowners everywhere else in the country. Your lender will assess how good a borrower you are, based on your credit score, other existing debts and financial resources, such as savings. Being a "better" borrower — with great credit, low existing debts, healthy savings, and a decent amount of retained equity — means you'll usually be offered a great deal with a lower refinance mortgage rate. The Legal Aid Network of Kentucky has a refinance guide on its website. It’s partly out of date but it does include some good points that still apply. The loan estimates lenders must send you will specify which costs are unavoidable and which you might be able to reduce by shopping around. Some you might shrug about. But some, including insurances, are worth a comparison shopping exercise. Because you stand to make worthwhile savings in exchange for just a little of your time.

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