Wednesday, December 28, 2016

4 Reasons to Get a Pre-Approval for Your Home Loan

When buying a home at the Lake of the Ozarks, there are a lot of things to consider. One of the first things you should consider as a home buyer is getting a mortgage pre-approval. In today's blog we offer a few reasons why it's important to get a pre-approval on your Lake of the Ozarks mortgage before you start shopping for your dream home.

1. To Know What You Can Afford. 

Making the decision to buy a home is an exciting time. The first thing you will want to do is jump online and start browsing what's for sale. However, if you don't know what you can afford in a home purchase, you may be wasting your time. You could find a home you love, only to later realize it's too expensive. By getting a pre-approval, you can sort your home options by price and find your new home much quicker.

2. To Have a Better Chance of Offer Acceptance. 

Once you find your dream home, it's time to make an offer. Homeowners and realtors are less likely to accept offers from borrowers without a pre-approval. Chances are they will move on to the next offer and you'll be out of luck. However, if you've been pre-approved, you have the advantage. Sellers and realtors want someone they know is serious about buying, and only want to accept offers they don't think will fall through. The pre-approval is your way of showing that.

3. To Have Room to Bargain. 

When you have a pre-approval, you have an advantage over the seller. You have room to bargain. The owner of the home knows you have the finances and is ready to sell, so you may be able to get a better deal. Sellers are more willing to work with pre-approved buyers. This could be anything from lowering the asking price to throwing in appliances or helping cover the closing costs.

4. To Reduce Stress During the Buying Process. 

Opting to skip the pre-approval can easily increase your stress level throughout the whole process. If you aren't pre-approved, you'll spend more time house hunting than you would otherwise. In addition, you could waste not only your time, but also the time of the sellers and realtors involved by putting in an offer that you actually can't make because you don't have the finances. By getting a Lake of the Ozarks mortgage pre-approval, you have less to worry about. You don't have to worry about the money side of things anymore and you can focus on the fun stuff, like picking out the perfect home!

I'm here for all of your Lake of the Ozarks home financing needs! Give me a call at 573-746-7211 to get started on your pre-approval. As your mortgage lender at the Lake of the Ozarks, I'll discuss financing options, offer competitive interest rates and back it up with the first class service you deserve. Getting a pre-approval means you're one step closer to purchasing your dream home at the Lake of the Ozarks!

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

Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065

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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