There are thousands of home buying tips and tricks on the internet and hundreds of blogs, (just like this one), to get you started. Not only do you want to do research on the home buying process itself, but you'll want to research a team of professionals with whom you will work. You want to find a qualified real estate agent and a knowledgeable mortgage lender at the Lake of the Ozarks. Having a great team by your side is going to make the home buying process so much more smooth and enjoyable!
2. Come Up with a Budget.
When purchasing a home, it's important that you know how much you can afford before you start looking at home choices. The best way to get an idea of what you can afford is to get a Lake of the Ozarks mortgage loan pre-approval. In order to get pre-approved, you'll need to fill out an application and provide your lender with a few necessary documents to show your income & debts. Now this pre-approval amount just tells you an estimate of how much you can borrow. You'll still need to determine what a comfortable monthly payment is and go from there.
3. Consider All the Expenses of Owning a Home.
While making that budget mentioned above, you need to consider more than just the monthly mortgage payment. Homeownership has its advantages, but there are many costs that often get overlooked in the beginning. The additional expenses of utilities, furniture, appliances, insurance, etc. are often forgotten in the excitement of purchasing a new home. Be sure to add these types of things into your budget, and don't wipe out your savings and emergency fund for a down payment either.
Think about your dream home and what it would look like. Then take that picture and divide the features up into a needs list and a wants list. For example, if you have a couple children, you'll need at least 3 bedrooms. If you like to cook, you'll want a large kitchen that has a great flow. Determine what the most important aspects are for your prospective home and which ones you have a little more flexibility on. You're not likely to find a home that has every single thing you desire, so be prepared to make some compromises by creating a well thought out list.
5. Take Your Time with the Search.
Buying a home is one of the biggest investments you'll ever make, and you'll likely live with your decision for quite a few years to come. Don't rush into anything, and don't jump on a home due to an emotional response. Think rationally, referring to the list you made of your needs and wants, and take your time searching for the perfect place for you. Your real estate agent will be able to help you narrow down the homes that fit your criteria, but it's still worthwhile for you to do some searching on your own and bring any new possibilities to your agent.
If you're thinking about buying a home at the Lake of the Ozarks, give me a call at 573-746-7211. When it comes to your financing needs, I'm committed to working with you every step of the way. I'll discuss Lake of the Ozarks home financing options, offer competitive interest rates and back it up with the first-class service you deserve!
For Lake area news, resources and tips on financial services, please
Senior Loan Officer
NMLS #: 493712
4655 B Osage Beach Parkway
Osage Beach, MO 65065
Cell: (573) 216-7258
**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.