Wednesday, July 20, 2016

4 Things to Do Before Starting Your Home Shopping

Have you been thinking about purchasing a home at the Lake of the Ozarks? Buying a home is one of the biggest investments you'll ever make and it's important that you don't just jump right in. Your Lake of the Ozarks mortgage lender is here to help by providing you with a list of things you should do BEFORE you start your home shopping.

1. Talk to a Mortgage Lender First. 

When you're ready to buy a home, what's the first thing you think about? You might say that you need to find a real estate agent to help you find the perfect home. While eventually you will want to find a reputable real estate agent, you need to talk to a mortgage lender first. You need to know how much you can qualify for and how much you can afford in monthly mortgage payments. Not getting pre-approved for a mortgage loan is the most common mistake home buyers make.

2. Create a Proper Budget. 

You have to remember that your mortgage payment is not the only expense you have to consider when purchasing a home. You need to create a budget that also factors in taxes, insurance, homeowners association fees (if applicable), home maintenance and repair expenses that may arise, etc. Be sure you consider everything involved and make sure you are comfortable making all those monthly payments and that you have enough in savings to cover unexpected emergencies related to owning a home.

3. Determine Exactly What You Want. 

In addition to knowing how much you can afford, you need to determine what exactly you're looking for in a home. You may already know that you need at least 3 bedrooms and 2 bathrooms, but what other features do you need your new home to have? Make a list of necessities vs wants, so that you can check them off as you're looking at potential homes to buy. Having this list will make it easier to compare different homes during your search.

4. Save Money and Get Your Assets in Order. 

If you've been thinking about buying a home for awhile now, chances are you've already started saving money. However, if you haven't, now is the time to start. While you are getting a loan to cover the cost of the house, you're going to need cash for some upfront expenses, such as a downpayment, closing costs, escrow accounts, reserves, etc. The more money you're able to offer for a downpayment, the better terms you can get for your loan. The more money you have saved up in reserves, the less likely you are to default on your loan. Having your finances in order is one of the most important aspects of buying a home.

After you've done these steps, now you can talk to a real estate agent and start your home search. You, your mortgage lender and your real estate agent will all work together throughout the entire home buying process. There's a lot that goes into getting a home loan at the Lake of the Ozarks and making that purchase. As the best mortgage lender at the Lake of the Ozarks, I'm here to help you every step of the way. Give me a call at 573-746-7211 to get started on your pre-approval today!

For Lake area news, resources and tips on financial services, please 

Michael Lasson
Sr. Loan Officer
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211


**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

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