1. Interest Rates Change Rapidly.
Many homeowners ask, "What's the rate?" Unfortunately, that question is nearly impossible to answer. Not only does the rate available to you factor in your financial situation, but interest rates are constantly fluctuating. Interest rates change the same way that stocks, bonds and other financial investments rise and fall throughout the day. with currently favorable interest rates, it's not much of an issue, but it could be in more challenging interest rate environments. Therefore, it's important you lock in a good rate when you can.
2. The Interest Rate Isn't The Only Rate To Be Concerned With.
While you obviously want a low interest rate, since that determines the amount of interest you pay over the life of the loan, there's more to it than that. The APR, or Annual Percentage Rate, measures the total mortgage cost to you. In addition to interest, the APR includes origination fees, closing costs and any mortgage points you may buy. Therefore, the APR gives you a better gauge to use for mortgage comparisons.
3. The Better Your Credit, The Better Deal You Can Get.
Taking care of your credit is more important than you might think. The better your credit, the better your chances are for not only getting approved for a mortgage loan at the Lake of the Ozarks, but also getting a better rate. While there are programs out there to help those with not-so-great credit get approved for a home loan, they aren't going to give you a great deal.
4. You Don't Have To Have a Large Downpayment to Buy a House.
You may have heard in the past that you need 20% to put toward a downpayment for a house. Fortunately, that's no longer the case. While 20% down would give you immediate home equity and the ability to avoid private mortgage insurance, it's not required. There are a variety of Lake of the Ozarks home loan options that require anywhere from just 0-5% down upfront. Talk to your lender about the options available to you.
5. You Can Refinance Your Home at Any Time.
You can refinance your home at the Lake of the Ozarks at any time. However, that doesn't mean you should. Refinancing has it's benefits, but you need to make sure it's right for you. Think about the reason you want to refinance. Is it to lower your monthly mortgage payment? Is it to take advantage of lower interest rates? No matter the reason you're thinking about a refinance, make sure that it makes financial sense. Do the math and make sure you're coming out on top and not paying more in fees than what you'll save in the long run.
6. You Can Still Get A Mortgage Loan After a Foreclosure.
If you've been through a foreclosure on a home, whether due to income loss or other unfortunate circumstances, there's still some good news. Once you get back on your feet and get your finances in order, you can apply for a mortgage again. There are different waiting periods depending on the type of loan you're looking to get. For example, an FHA loan requires you wait 3 years after a foreclosure, while a VA loan only requires a 2 year waiting period.
If you're considering a home purchase at the Lake of the Ozarks, give me a call at 573-746-7211. As your mortgage professional at the Lake of the Ozarks, I'll discuss your options, offer competitive rates and back it up with the first-class service you deserve!
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
Cell: (573) 216-7258
Fax:(866) 397-0318
Email: mlasson@fsbfinancial.com
**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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